BRRRR (where do I get refinancing)

5 Replies | Philadelphia, Pennsylvania

Hi, Guys,

I just finished a rehab. It is purchased through hard money lender. I am wondering where should I looking for refinancing without waiting for 6 month?

Thanks.

Ideally, you would have had your long term debt lined up (or at least put out some feelers) prior to getting to this point. 

That being said, any mortgage broker should be able to provide you with some options for a cash out refinance. Some lenders will look for 6 months of seasoning, others will not. (And keep in mind, it's 6 months from close to close, and the refi is likely to take 45-60 days, so you can really start the application closer to 4 months out even if seasoning is required).

A conventional cash out refi is one of the most common and popular loan products out there and you can't turn on the radio without hearing an advertisement for a refi. They aren't hard to find, but you may have to shop around to find the right loan product that meets your needs. 

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@Jeff Copeland

Thank you. Jeff.

I have worked with a lender that don't do 6 month seasoning period. You can get out the equit right after rehab.

However I have some several deals with them and I can't do more this year. That is why I am looking for a new lender.

Originally posted by @Jeff Copeland :

Ideally, you would have had your long term debt lined up (or at least put out some feelers) prior to getting to this point. 

That being said, any mortgage broker should be able to provide you with some options for a cash out refinance. Some lenders will look for 6 months of seasoning, others will not. (And keep in mind, it's 6 months from close to close, and the refi is likely to take 45-60 days, so you can really start the application closer to 4 months out even if seasoning is required).

A conventional cash out refi is one of the most common and popular loan products out there and you can't turn on the radio without hearing an advertisement for a refi. They aren't hard to find, but you may have to shop around to find the right loan product that meets your needs. 

 Most lenders are 3 months seasoning and you can refinance day and night with a 30-40 day time frame. Heck, I just refinanced a 6-property portfolio for my client in 28 days.