Lender in CO that allows early cash out re-fi

[Jenny Bayless]

We are planning to use a HML to fund the initial purchase of a property. We will then rehab, rent, and refinance. However, I have a question on the refinance part.

Does anyone know of any banks (either portfolio lenders or conventional mortgages) that will allow for a re-fi less than 12 months (or even less than 6 months) in Colorado?  Basically I would like to perform the rehab, get renters in and then immediately refinance based on an appraisal.  Is this even possible, even for a portfolio lender?  I know conventional typically require 6-12 months.

This will be property #6 in my name alone, but I am able to qualify for Fannie/Freddie loans. If I do private/portfolio, I am just looking for the rate to be reasonable (not HML-type rate).

I know that we aren't allowed to give out referrals in the forum, so please send me a PM if you know of anyone who might be a good fit for what I am looking for.

Thanks

Jenny

[Travis Sperr]

Depends on how good your refinance lender is. What I've done in the past is work on the refinance right after I purchased the property and just wait to order the appraisal until the work is done. That way the only thing the lender is waiting for is the appraisal. Appraisals are pretty slow in the Denver metro right now so that I could take 3 to 4 weeks alone.