Cash out refinancing out of a seller finance note

[Austin Eilers]

Hello BP fam! I'm curious if anyone can provide any input on my first deal here! I bought this deal by owner financing 5k down with a balloon of 50k after a year. He owned the home free and clear and I am now the deed holder with how we structured it. The ARV based on comparable sales is around 200k i hope to pull out 100k. Will banks have any issues doing a cash out refi on deal like this assuming i meet all the other qualifications such as credit score and DTI. We plan on making this our primary residence.

[Erik Estrada]

If it is going to be your primary, conventional lenders will require 12 months seasoning.