No seasoning period

9 Replies

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Originally posted by @Josue Rivera :

Looking to cash out refinance out of my hard money loan. House is only season at 3months please help 

 Hi Josue, that should not be an issue, is your property rented?

Originally posted by @Guifre Mora :
Originally posted by @Josue Rivera:

Looking to cash out refinance out of my hard money loan. House is only season at 3months please help 

 Hi Josue, that should not be an issue, is your property rented?

 I think his issue is that he hasn't found someone who will refi with less than six months seasoning.

Originally posted by @Jeremy Lewis :
Originally posted by @Guifre Mora:
Originally posted by @Josue Rivera:

Looking to cash out refinance out of my hard money loan. House is only season at 3months please help 

 Hi Josue, that should not be an issue, is your property rented?

 I think his issue is that he hasn't found someone who will refi with less than six months seasoning.



Failure anticipation!

I understand, before telling him go-to lender A, B, C, and waist time if the property is vacant lender C is the best bet. Is this a cash-out refi? lender B and C are better for this... low Fico lender D, is loan amount lower than 100K lender C and D and if its lower than 75K lender E, is this rural or secondary market, lender F so on. Sure lender, A can do it but at a rate that hits Hard Money rates. Wait and the end there are no cash reserves that lender A requires but wait lender D does not require reserves. Why would I send him down a rabbit hole that has no exit and then we are back to square one.

There are variables on every deal. 

The problem that we all encounter as investors are not asking the right questions and not having all the right answers for the questions finding the niche lender that fits our variables and can help us achieve what we want. Work backward on a loan what does UW require and condition? do I meet these requirements?  any LO will fill its pipeline and shoot a shotgun to the wall and see what stick.

Originally posted by @Guifre Mora :
Originally posted by @Jeremy Lewis:
Originally posted by @Guifre Mora:
Originally posted by @Josue Rivera:

Looking to cash out refinance out of my hard money loan. House is only season at 3months please help 

 Hi Josue, that should not be an issue, is your property rented?

 I think his issue is that he hasn't found someone who will refi with less than six months seasoning.



Failure anticipation!

I understand, before telling him go-to lender A, B, C, and waist time if the property is vacant lender C is the best bet. Is this a cash-out refi? lender B and C are better for this... low Fico lender D, is loan amount lower than 100K lender C and D and if its lower than 75K lender E, is this rural or secondary market, lender F so on. Sure lender, A can do it but at a rate that hits Hard Money rates. Wait and the end there are no cash reserves that lender A requires but wait lender D does not require reserves. Why would I send him down a rabbit hole that has no exit and then we are back to square one.

There are variables on every deal. 

The problem that we all encounter as investors are not asking the right questions and not having all the right answers for the questions finding the niche lender that fits our variables and can help us achieve what we want. Work backward on a loan what does UW require and condition? do I meet these requirements?  any LO will fill its pipeline and shoot a shotgun to the wall and see what stick.

 I think that is the most convoluted way to say "fail to plan and you plan to fail." But I like it, and I absolutely agree with you.

Originally posted by @Jeremy Lewis :
Originally posted by @Guifre Mora:
Originally posted by @Jeremy Lewis:
Originally posted by @Guifre Mora:
Originally posted by @Josue Rivera:

Looking to cash out refinance out of my hard money loan. House is only season at 3months please help 

 Hi Josue, that should not be an issue, is your property rented?

 I think his issue is that he hasn't found someone who will refi with less than six months seasoning.



Failure anticipation!

I understand, before telling him go-to lender A, B, C, and waist time if the property is vacant lender C is the best bet. Is this a cash-out refi? lender B and C are better for this... low Fico lender D, is loan amount lower than 100K lender C and D and if its lower than 75K lender E, is this rural or secondary market, lender F so on. Sure lender, A can do it but at a rate that hits Hard Money rates. Wait and the end there are no cash reserves that lender A requires but wait lender D does not require reserves. Why would I send him down a rabbit hole that has no exit and then we are back to square one.

There are variables on every deal. 

The problem that we all encounter as investors are not asking the right questions and not having all the right answers for the questions finding the niche lender that fits our variables and can help us achieve what we want. Work backward on a loan what does UW require and condition? do I meet these requirements?  any LO will fill its pipeline and shoot a shotgun to the wall and see what stick.

 I think that is the most convoluted way to say "fail to plan and you plan to fail." But I like it, and I absolutely agree with you.

 Ha, Ha, Ha you made my morning!

@Guifre Mora the house is in a hot secondary market. Purchased it with a hml for 80k 35k for rehab .115k is recorded with hml in addition I had to put 30k out of pocket for unexpected expenses. Would like to take out of the property 150-155k.  House will easily appraise for 185k-190k.  
is a 4/3 now with a garage unit. Rents $950 for garage unit $1500 for main level.  

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