Banks asking for 6 months to refinance property

[Einar Ojito]

Bought the house rehabbed now I'm renting it. Project took 4 months now I'm done and banks want the property seasoned 6 months to do a refinance. I close on another house in a week and will have to wait another 6 months. This is tying up my capital. When BP discusses BRRRR and the some investors are doing properties on a monthly basis what banks are they using? Hard money lenders, commercial banks?

[Michael Garofalo]

I would recommend shopping around and going with a different bank (local and one that does portfolio lending), as each one is different regarding the terms and conditions. 6 months seasoning is somewhat common but that is no hard and fast rule. I work with a local bank in DC and I was able to complete the refinancing portion of my last BRRRR in less than 45 days of when I had tenants begin their lease.