Shortest BRRRR Seasoning Period
HI BP,
Im sure this has been covered already but I am looking for some lenders in Ohio who would be willing to do a shorter seasoning period than 6 months on a BRRRR. The property in question is a 12 (possibly 13) unit apt building going through a full renovation. If I can do a refi-cash out in 3 months vs 6 months I will save roughly 7k a month on carrying costs, which would make the deal even better. I have enough budget for at least 6 months of carrying costs but of course if I can cash-out sooner I can move on to another project and save quite a bit of money in carrying costs which will go to my bottom line.
Looking to obviously cash-out from the appraised value after the renovation. I know there are lenders who will give me a mortgage on the property prior to 6 months, but it will be based on the purchase price and not the appriased value.
If anyone knows of any lenders in Ohio who would be willing to do a cash-out refi on Appraised value please send me their info so I can reach out and get things moving.