Looking for cash-out refinance

[Stephen Bianes]

Hi everyone! I'm currently searching for a bank or CU that will give us the best cash-out refinance product. I'm new at this and I need your help. Has anyone come across a small bank or credit union that does < 6 months of seasoning period with 70%-80% LTV of the appraised value given that you bought the property with cash and rehabbed it for < 6 month?

Basing from my conversations with 3 banks in Austin they do  "delayed financing exceptions," this is if you choose to refinance it before 6 months, and correct me if I'm mistaken, that means they will only refinance you based on your actual purchase of the property not the appraised value? 

[Andrew Postell]

@Stephen Bianes thanks for posting.  I wrote an entire post for Bigger Pockets on how to properly structure a cash purchase and still use Fannie/Freddie money with no seasoning and avoiding the delayed financing technique (which certainly has restrictions to it).  You can find the article HERE.   The first 2 sections describe the issues you may face....and it sounds like you already have run into those....so skip to the 3rd section if you would like. That's the solution phase.  Call me with any questions.  Thanks!