Financing After Cash Purchase
I know everyone talks about lenders wanting seasoned MFH that is rented for 6-12 months before refinancing; however, are there rules of thumb for cash out financing/home equity loan on a cash purchase SFH? Looking at a SFH to rehab and rent out, but im wondering how long i need to assume before i go to the bank with my hand out. Logic would say the day i finish my renovations and the bank appraises the property is the day i can take out my money. Im banking on 70:30 LTV after i finish up my work, and would prefer to have my cash back with a fixed interest rate sooner rather than later. Thanks for the consideration.