Lending solutions / cash out refinance of new construction
Looking for recommendations /experiences / stories for refinancing strategies on a new construction project.
I've seen a few ads out there in which lenders offer refinance options after 60% of a project is complete. I'm hoping to find the right lender that will allow me to refinance out of my construction loan before or immediately after my homes are built. Hoping to find the perfect loan that will allow me to pay everyone back and still keep the properties in my portfolio.
Have you done or seen this happen successfully ?
Most Popular Reply
Agreed, never heard of a refinance before Certificate of Occupancy. Now keep in mind that C of O doesn’t mean the construction has to be finished. Get a working bathroom, kitchen and all safety related items finished. Not all the landscaping, trim and finishes need to be installed. They may need to be purchased and on site though.