Refinance in under 6 months?

7 Replies

Does anybody on here know of a lender, hard or conventional, that will refinance a rehabbed home owned outright in under six months of ownership?  I bought a place at auction, didn't need as much work as I thought, work got done fast and it's rented in 2 months.  Now I want to pull my $$ out, but don't want to wait 4 more months....#myfirstBRRRR


My local lender doesn't require any wait time. If I buy at auction for cash I get the ball rolling on a loan as soon as the deed comes in, usually a week or two.

Hi @Sam Stout

Considering that you have already done the rehab work and you are not looking for a bridge loan, a hard money lender is probably not the best route for you here.

Unless there is something specific that you are trying to achieve that you couldn't do through conventional lending, when refinancing, you want to go with conventional lender.

But I wonder, how did you finance the purchase of that property at auction?

If you went in all in cash, you can probably get a first mortgage on that property without having to wait for 6 months.

To really help you, it would be good to good to understand how you financed the purchase in the first place.

@Patrice Penda I bought the house with cash and paid cash for the remodel.  The reason I would need hard money is because I have 9 conventional loans at the moment.  I can always get one more I guess.  I do have another house that needs refi'ing, maybe I'll to a portfolio with the two of them....?

VISIO Lending will do that loan within 30 days of ownership. They do investor loans and don’t care if you have other loans, the property itself is the collateral.

If you have any jumbo mortgages you can refi them on a portfolio loan?

@Sam Stout

Thanks for clarifying. I don't know any in your area but i am sure there are lenders that would do the lend you.
Good luck.

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