When purchasing a home is it possible to pay cash for a home and then immediately (without waiting several months) after closing get a loan for the home that you just purchased? I am assuming that if so it would be based on the appraised value of the home and not on the purchase price? Something like what everyone does with the BRRR strategy. For those of you who have cash, what have you found is the best way to approach this?
@Shawn Campbell When you have a chance, search "delayed financing". It describes exactly what you are talking about. Within first six months, you do not use the appraised value per say. You can only get back up to the amount you paid for the property, or loan to value restricted amount based on appraisal, whichever is lower.
@Jeff Dulla Thanks. That is a big help.
@Shawn Campbell My experience with delayed financing is you will receive the same loan terms you would have if you had financed at the purchase closing. Those terms are based on the purchase price.