Looking for advice on cash-out refi options

[Dushyanth Hegde]

Hey BP Community,

I'm looking for some advice on a situation I'm currently in. I recently purchased a 3B,1B fixer upper towards the end of July, 2023 in Columbus, OH and the renovations are almost complete as of today (11/18/23). I funded the purchase and rehab through a hard money lender (90-10 ratio). The loan is for a period of 6 months and I'm currently making interest only payments. My goal is to set this property up as an STR (short term rental) in the area in the next couple of weeks.

I will soon need to do a cash out refinance so I can pay my hard money lender back. I've read that the law requires seasoning period to now be 12 months vs 6 months, which it was in the past..? If that is true, then is the only option I have is to use a DSCR loan to do a cash out refi ? If not DSCR, are there any other better cash out refi options that can help my situation.

Thank you for all the advice !!

Best Regards,

Dushyanth.

[Remington Lyman]

Quote from @Dushyanth Hegde:

Hey BP Community,

I'm looking for some advice on a situation I'm currently in. I recently purchased a 3B,1B fixer upper towards the end of July, 2023 in Columbus, OH and the renovations are almost complete as of today (11/18/23). I funded the purchase and rehab through a hard money lender (90-10 ratio). The loan is for a period of 6 months and I'm currently making interest only payments. My goal is to set this property up as an STR (short term rental) in the area in the next couple of weeks.

I will soon need to do a cash out refinance so I can pay my hard money lender back. I've read that the law requires seasoning period to now be 12 months vs 6 months, which it was in the past..? If that is true, then is the only option I have is to use a DSCR loan to do a cash out refi ? If not DSCR, are there any other better cash out refi options that can help my situation.

Thank you for all the advice !!

Best Regards,

Dushyanth.

I can send you some lender referrals in Columbus, Ohio.