Cash Out Refi

[Bailey Coleman]

When is the quickest I can do a cash out refi? I bought a property in Cleveland, OH all cash (for 43k) I put 15k in for the renovations and I a should be getting a tenant in there in two weeks. I want to get it appraised and pull as much equity out as soon as possible so I can buy another property

[Michael Dumler]

@Bailey Coleman, I'm sure some lender will correct me on this, however, I believe Fannie and Freddie have a six-month seasoning period for delayed financing. If this is true, then a non-QM loan product such as a DSCR loan could be a viable option for a cash-out refi. This option will still take a couple of weeks to process allowing for proper underwriting and appraisal.