Banks that offer refi based on new appraisal at 6 months?

[John Horner]

Thanks in advanced for any answers to my question!

I am looking at purchasing discounted properties quickly from motivated sellers with hard money, then refinancing with a conventional lender and holding as rentals.

My biggest hiccup is that most banks will only lend on 70% of most recent sale price until 12 months seasoning, then they will use a new appraisal value.

I am wondering if ANYONE, ANYWHERE has worked with a bank or credit union who has refinanced a rental using ONLY 6 months seasoning instead of 12?

[Brie Schmidt]

it is possible. I know a rehab company here that does about 15 flips a year with private investors. But to avoid capital gains they rent out the properties after rehab and list after 1 year. after 6 months they refi to give the investor their capital back - so I know it can be done. These are commercial loans.

We bought a property in June and did a massive reno and our LO is going to let us do a cash out refi in Jan - he said he would do it now but we wanted to wait till we did our tax returns though