Los angeles , CA · Member since 2018 · 14 posts · 13 votes
Hello everyone,
I am purchasing a duplex in Cleveland for cash and would like to know if anyone knows of a lender who is willing to do a cash out refi or HELOC without a seasoning requirement?
If your own your house in LA, get HELOC, it's cheapest way to borrow on simple interest. For Mortgage, loan unless short term 15 yr or less it's not worth the headache for properties under 100K.
@Ginger Marcos - There may be some local banks that would do some sort of delayed financing for this. Otherwise you may need to go non-bank. You could get up to 70% of appraised value after only one month of seasoning. You could start the process pretty much right away since the loan will take 30-40 days to close.
If the property is in Cleveland it will need to have a min. value of $150k for the lender I have in mind to be willing to do the deal.
I am purchasing a duplex in Cleveland for cash and would like to know if anyone knows of a lender who is willing to do a cash out refi or HELOC without a seasoning requirement?
TIA!
Ginger
Some lenders will do what's called delayed financing, no seasoning period, and typically 75% LTV. Most won't work on Cleveland low prices, my lender's price minimum is $75,000 if you're interested feel free to DM/email me and I'll connect you
The property is $50k and in the westside of Cleveland. I spoke with a lender who would do either a cashout refi or HELOC with no min but requires a 6 month seasoning. Just looking for other alternatives.
@Ginger Marcos This is slightly off topic....but I invest in Cleveland and I live in California also......
Have you considered the thought of, instead of putting all your eggs in one basket....leverage yourself and buy 2 or 3 properties with 20-25% down instead of sinking it all into one property?
If your own your house in LA, get HELOC, it's cheapest way to borrow on simple interest. For Mortgage, loan unless short term 15 yr or less it's not worth the headache for properties under 100K.
The property is $50k and in the westside of Cleveland. I spoke with a lender who would do either a cashout refi or HELOC with no min but requires a 6 month seasoning. Just looking for other alternatives.
At that loan amount, your best bet is a HELOC on your primary or a local bank/credit union (but they will probably say no because you live out of state). The non-banks in that space have 75K and in some cases 150K loan amount limitations.
I use PenFed Credit Union for my investment HELOCs. They recently did one for me in Cleveland with an appraised price of $27k, so they just go with appraisal of any amount. Unfortunately I am maxed out as three HELOCs is their max.
I am purchasing a duplex in Cleveland for cash and would like to know if anyone knows of a lender who is willing to do a cash out refi or HELOC without a seasoning requirement?
TIA!
Ginger
Google the term "delayed financing." You'll probably get some hits for lenders doing exactly what you need.