Financing a Cash Purchase

[Hadar Orkibi]

Hi There,

I picked up a Triplex that is currently vacant and require some work. it has a great value add opportunity and in good location. 

My aim is to have conventional, 30 years fix loan.

I would like to purchase the property for cash $55k and then spend about 30k in rehab. total cost $85k

the ARV should be around $135k-$150k. I would like then to receive finance at 70%-75% of the ARV with 30y conventional loan.

I was told that for 75% of an appraisal i need to wait 6 month seasoning. well, with the way interest rates are going UP i rather lock it in earlier. 

and for 70% of "Delay" refi i can only get whats on the closing documents - which is 55k as thats what Im paying for it. 

Can anyone advise if there is another conventional product in the market that allows financing existing property earlier then 6 months after purchase? 

Thanks H.