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Updated over 5 years ago on . Most recent reply

User Stats

109
Posts
73
Votes
Alex Smith
  • Investor
  • South Jersey
73
Votes |
109
Posts

Cash out Refinance Question

Alex Smith
  • Investor
  • South Jersey
Posted

Good Morning BP!

So I previously posted about our recent rental that we bought and rehabbed with cash. We found a lender that we planned to refinance with in 6 months, but on that thread where I previously posted about this property, someone recommended setting up the refinance so we can settle in exactly 6 months. I asked my lender about it and he said that the application process can't even begin for 6 months. 

Any lenders out there that would consider a cash out refinance in less than 6 months or that would consider starting the application process now so that we are able to settle in 6 months ( last week of November/first week of December)?

Thanks!

Most Popular Reply

User Stats

109
Posts
73
Votes
Alex Smith
  • Investor
  • South Jersey
73
Votes |
109
Posts
Alex Smith
  • Investor
  • South Jersey
Replied

@Jaron Walling We bought it on May 29, 2019, so we have owned it for almost 4 months. It's been rented for a month ($1,500/month). It'll probably appraise for 140,000, but I'm looking to cash out about 85-90,000. 

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