would like to cash out refi after 2 months: Need contacts

Question

Hello guys. i finished rehabbing and renting out my first property. I bought the property in mid November so it has been a little over 2 months now. Every bank i speak to tells me I have to wait at least 6 months before I can cash out refinance. I know there is a bank somewhere that will cash out refinance me sooner than that. Does anyone know of a bank that would? If it makes a difference my property is in Miami Fl. Thank you

Andrew Postell · Answer

@Herve Alce there's a couple of questions that may need answering but I think you should have 2 solutions:

1. if you bought the home with cash, then you can take a cash out loan under the delayed financing rule with a conventional loan.  This rule allows you to receive back the purchase price + closing costs or 75% of the ARV....whichever is LOWER.

2.  If you did not buy the home with cash then you would need to find a portfolio lender to lend you the money for a cash out property.

Joseph Rice · Answer

Hello Herve,

To my knowledge you will not find a conventional lender to refi a property after only two months. Being that it is a rental they will want to see the tents are in a lease & paying to take the chance on the refi. You may be able to find a portfolio lender, but they are still looking for some type of stable payment history. Good luck