Process of Cash out Refi

[Lorenzo Jackson]

I hope you enjoyed your Holiday season,

I'm working a deal for a triplex, the unit cost 32.5k, needs 45k in repairs. The ARV should be 150k-160k. I should be closing before the end of the year.

I'm using hard money for acquisition and repairs. I'm looking to cash out refinance out of this loan to a standard 30yr fixed rate at least 75%ARV. I can have the entire building renovated in 3 months. How soon can I get out of the loan?

I am getting mixed answers

-Some brokers are telling me I have to wait 6 months,

-Some banks are telling me I have to wait a year.

I am in Philadelphia, PA

Any recommendations, suggestions or lender referrals will be appreciated.

Thank You,