I just bought a property for 80k used hard money for the purchase have one year to pay back the lender it's my first investment property need as much information as possible on how to refi cash out the house was purchased under an LLC. We are considering making our primary residence
how soon can you do a cash out refi?
@Tieneasha Bastian The general rule of thumb is the earliest you can close on the refi is 90 days from the date of purchase of the property. All lenders have seasoning requirements, the shortest you can find is usually the 90 days. When shopping for lenders you'll want to ask about their seasoning requirements as well as confirm whether they will refi to you when it's your intent to use it as your primary. My minimum is 90 days but I only do investment properties, I can help you if you decide you want to use it as a rental property.
Thank you but what would be the difference of using it as a rental and possibly using it as a primary residence?
My lending is only for investment properties and as part of the loan agreement you certify that you will not use it as a primary residence. I do not do primary residence lending. Some lenders do both, others just one or the other. It's just a business model decision.
Ok understandable thank you for the information.
Hello what are the requirements for lending for investment property an also is it also available for new construction ?