Cash out refi before 6 months
Hello all,
I have an SFR that I bought 3 months back (cash) and I want to do a cash out -refi on this property, so that I can re-invest. The property is located in Columbus Ohio and is currently rented out with a one year lease. I do know that there is a 6 month seasoning period for traditional banks.I have tried with few small banks and mortgage companies and got burnt with multiple credit pulls and non attentive bankers taking 30 days to come back and tell me they wont do loans for investment properties (even after I had clearly mentioned it in the application). Most of them seem to be stuck with some formula based software that doesn't let me pass their criteria.
The property retails around 75k (official appraisal 69k, Zillow estimate 82K and other comps between 70 and 80k) and I would like to withdraw 50k which is less than 70%LTV.
I would like to know if anyone in this community might know someone or some group with "Common sense" underwriting process and who might be able to help me with this situation. I am willing to pay slightly higher rates than conventional, but not the kind of rates that a hard money lending would require.
Any help would be greatly appreciated.
Thanks
Dhanush