FL Lender Experienced in Delayed Financing

6 Replies

Good morning everyone!

Just wondering if anyone knows of a good FL lender that is experienced in delayed financing? Most I have spoken too aren't familiar with it and I don't want to run into any issues down the line right before closing. Any recommendations would be greatly appreciated!

@Nick Macklin

I would’ve glad to answer any questions you have on delayed financing. It is a great option when you pay cash for the property.

If you include on your closing statements (which vary state to state - HUD-1/ALTA statement ) the renovation costs - and have them charged at closing...... This renovation cost now becomes an initial closing cost and can be included with the max that you are able to pull out prior to 6 months.

@Jerry Padilla

Yep, that's exactly what I did.  I just heard, and have found, that most lenders say they can't do that until I explain to them the process.  It actually usually requires me explaining multiple times what I have done because they tend to not pay attention to the fact that I paid cash for it and assume I have a loan.  I am working with someone currently and will see how it goes.  I'm going to have everything ready to go to hopefully lock in a lower rate after the Fed meets on September 17th-18th.  Fingers crossed!

Originally posted by @Melvin List :

@Nick Macklin if you are explaining the delayed financing exemption to a loan officer or broker I would run away from them as fast as you can

Yeah I couldn't agree more! It even seems like a lot of lenders say they can do it but underwriters are on a different page. I ended up having to just do a traditional cashout refi because by the time I found a solid lender the time frame didn't make sense for the higher interest rate. I close January 20 and then on to the next deal!