Well, I'm officially stuck and hoping someone can help point me in the right direction...
I recently purchased a primary residence and have spent the last 6 weeks remodeling and rehabbing. Among other things, I've added over 600sqft of living space to the home.
With the rehab/remodel complete, I now need to tap the equity via a HELOC or Home Equity Loan. But with every lender so far, I'm running into seasoning requirements of +6 months before a new appraisal can be used.
Does anyone know of a lender that doesn't have these seasoning requirements? I'm located in NC.
I'm beginning to wonder if I didn't think this through properly and am now learning one of those "very expensive" mistakes. Any suggestions would be wonderful and greatly appreciated :)
@Jason T., yup, my sympathies, that is one of the expensive learning experiences.
You _may_ be able to get a commercial loan faster. However, the terms and rates are not going to be as nice as a residential- especially primary residence- loan or HELOC. I hope that sitting for 6 months doesn't do you in. There will still be houses to buy in November, if you can just enjoy your new home and spend the time building relationships. "marathon and not sprint" and all that. Good luck!