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Updated almost 7 years ago on . Most recent reply

Alternatives to waiting for the hold period after BRRRR?
I just purchased an all cash deal that I'm rehabbing and will have an ARV that I'll be able to finance and get back my initial investment (LTV 75%). I purchased the property and fixed it up all in cash, but in order to finance it to get my investment back, I believe I'll need to wait the minimum settle time which is ~6 months. I was able to purchase and rehab within a few weeks time, and I'd like to take advantage of that and move on to the next property. Is there anything I can do here to get financed sooner than the typical 6 month settle period? I realize I can just wait it out and cashflow nicely, but I'd like to get the ball rolling on additional properties here at the beginning (happy to hear arguments for/against that too, btw).
The solution I was thinking of was to do some sort of intermediate loan with private money until the 6 month period is over and then go with traditional lending at that time. I'm sure there are other creative ways to do this, so figured I'd ask!
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- Lender
- Lake Oswego OR Summerlin, NV
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Ya know what I have my mortgage bankers CE this Monday… and well I am the token hard money mortgage banker in the group the other 75 all do conventional fannie Freddie stuff. I will ask this as a case study and see what they say.. I mean 74 mortgage brokers should know and the person who runs the CE class is highly experienced.. stanby for news
- Jay Hinrichs
- Podcast Guest on Show #222
