Maryland area bank that doesn't require 6 months to cash-out refi

[Nicole A.]

I wanted to put this information out there for my fellow Maryland area investors. Many times, in topics on here about BRRR, I have said that there are smaller banks who do not require you to hold a property for 6 months before doing a cash-out refi based on the new appraised value of the home.

My Small Business Specialist, Vicky Lin, contacted me today to chat, and I asked her (again) on the terms of a cash-out refinance for LLCs / rental properties. She confirmed that they do not require you hold the property for 6 months (or more). You fix up the property, get a renter, and then contact her to start the process which includes their own appraisal. 

On top of this, she quoted 80-85% on the cash-out refi. I was surprised because when I've bought via traditional methods with them, they only did 75%. She only works with business/commercial loans, so she is not mixing details up with personal mortgages.

So, if you're interested in these kinds of terms for your BRRR / cash-out refi, contact her and please tell her that Nicole from New Page LLC sent you! She has of course given me permission to share her contact information.

And please, this is in no way to be rude, but only contact her if you are actively investing. Let's not bombard her with tire kickers and questions that one can find out on their own beforehand. :-)

BB&T (Columbia, MD)
Vicky Lin
[email protected]
410-266-8191