Fannie Mae Delayed Financing Cash Out Question
I know a mortgage normally would not fit under the 'creative financing' category, but this is a special category, so I thought I would give it a try here. My wife and I bought a property two months ago planning on flipping it. Then probably about the 100th time we heard the word BRRRRRRRRRRRR (right number of R's?), we got the 'novel' idea to leverage the property and rent it out like we do with the rest of our properties. We are fast learners, probably only took us 20 podcasts to come up with that idea!
Here's the question: We are having trouble finding a lender in Memphis or TN who can do a delayed financing cash out. We tried a national lender with experience in these (Quicken), but unfortunately, our balance would have been too small $60,000 and they need $75k.