Refinancing Investment Property

[Stephanie Sicard]

Hi everyone ,

I purchased an investment property in Detroit in January . Since then , I rehabbed the property and it’s now rented out . I purchased it for 48k and it’s now worth about 90k. I’ve been searching for a lender that can do a cash out refi on this property , but I’m not having any luck. Most banks have a seasoning period of 6 months and up , and have a loan requirement of 100k. Has anyone had this experience ? If so , how did you move past this issue ? Thanks !

[Jack Tulloch]

Hey Stephanie - There are DSCR programs that have lesser seasoning requirements but most DSCR lenders have a minimum loan requirement of 75k to 100k. If you can qualify for conventional financing, waiting 12 months may be your best bet.