I"m looking to take $ out of an investment property I purchased recently- checking to see if folks have any references/ sources outside of traditional banks.
I have $150K 1st mortgage, appraisal at $369K but have only recently purchased the property. I've been told I need to hold house for 1 YR but thought it's worth asking the BP community.
Hey Michael, you might want to try the mortgage company called Prime Lending. They were willing to do cash out refi, 1 day after the property is bought or 6 months after if the property is held in an LLC. I'm not sure if they lend on property in MA, but worth giving them a call. My point of contact is as follows
Scott Storace (irvine, CA)
Production Manager at PrimeLending
949.973.0141 – Direct
866.893.7822 - Fax
PrimeLending NMLS 13649. Equal Housing Lender.
@Michael Medeiros - HI Michael - If you're looking to cash out using the new market value then the title seasoning period is 12 months, however you can still cash out from 6-12 months the only difference is the value used is the "lesser of," appraisal value or acquisition cost (the final line item on your HUD1 at close).
You can even cash out day 0 - 6th month if you bought it cash aka delayed purchase but that is only if you purchased the property with all cash that can be documented from you directly (whether borrowed, or cash).
Hope that helps.
Thanks for the info.
CK i'll give Scott a call on Monday, thanks for the lead.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing