Having to have a lease in place before the refinance.

[Joe S.]

Having to have a lease in place before the refinance. So here’s the beef if you have a short term loan that’s already used up 3 to 6 months and you  have less one year left. Then most Lenders are saying you need a one-year lease in place before they do the refinance. So you go out and you get a 12 month lease and by the time you get back to the no personal skin in the game lender the interest-rate could have went up and affected your refinance. Now that you have the 12 month tenant in place you can’t exactly flip the house as a precautionary option except to an investor. I have one lender in Texas that will lend based upon the appraisal and the projected rent by the Appraiser, but I don’t have one in Mississippi where half of my properties are being rehabbed at the moment. Has anyone figured out a workaround or found a lender that doesn’t require a 12 month lease to be in place in order to do a non-QM loan?