How long after cash purchase can I finance if need $ to rehab?

[Breanne Lemons]

Is it possible to purchase a property with cash and not wait 6 months to refinance it?  I do not want to do delayed financing because I need to pull out $$ for the rehab it needs.  We are in California.  Anyone have lender that lends in CA and they have done this please share :-)

[Larry Turowski]

@Breanne Lemons it depends on the pending institution. Many has “seasoning” periods if six months or a year. Smaller and local institutions often do not. I am buying a property tomorrow and will refi out of it within two weeks with a small regional bank. The legwork of the refi was begun almost immediately after going under contract for cash purchase. Even better, this bank does loan to value, so I’ll be getting back over 90% of my purchase price.