How fast can you cash out Refinance?

[Mike Abramowitz]

Hello everyone,

Currently considering making a cash offer on a 6 unit and a 4 unit and a 2 unit property all next to each other. They're located in the Hartford county area, and all units are currently rented. How fast do you think I'd be able to refinance them if we were to pay cash? I've heard of banks forcing you to prove their cash flow for a few months before refinancing them. Any input would be appreciated.

Thanks!

Mike

[Chris Mason]

If it's truly a cash offer, and not a HELOC or private/HML offer, you can do the fourplex and duplex immediately using the Delayed Financing Exception. DFE has been much discussed, you should find a lot if you search the forums.

For the 6-unit, that's commercial, meaning each individual commercial lender is free to make up whatever rules they want.