Shortest BRRRR Seasoning Period

[Amit Chawla]

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.

[Robin Simon]

When you get to the 12-unit count, its really graduating more towards the small balance multifamily/commercial financing space rather than non-QM, residential, "DSCR" lending practices, which are being discussed above and mostly on these forums. I would seek out a small balance commercial mortgage broker