BRRRR - Seasoning Periods Pennsylvania

[Tim Andy]

I have been reaching out to local banks and credit unions in the Pittsburgh PA area in search of anyone who will do a cash out refinance at the currently appraised value without needing a full year of seasoning. I have talked to 6 local banks and 3 credit unions and they are all requiring a year of seasoning.

This is killing my plan of buying more properties quickly with my own cash. I bought a house for 53k, put ~30k into it, and now looking at comps it should be worth ~115k. Its currently rented for $1,100.

Its not worth it to refinance at the purchase price. Does anyone out there know any lenders with more lenient requirements when it comes to seasoning periods. I have two properties currently owned outright to be refinanced, one has been owned over a year and isn't a problem. The properties are owned within an LLC.

[Jaysen Medhurst]

@Tim Andy, 1 year seasoning is pretty standard on a commercial loan, which is what you'll need if the property is owned by a LLC. I wouldn't expect standards to get looser with all that's going on.