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Updated about 22 hours ago on . Most recent reply

No seasoning refinance on a cash property
I recently found an off-market property and was able to negotiate the price down due to foundation concerns. I plan to purchase it in cash and repair the foundation. Other than that, I will be adding a closet to a bedroom and fixing a few small things. Everything else is in good shape. My question is, are there conventional or DSCR lenders that would allow me to refinance 70-75% of just the initial purchase price, not the ARV, with no or little seasoning? I have a few other properties I'm watching and would hate to have a large chunk of my funds tied up for 6 months. I'm talking with one lender that seems promising, but if anyone knows a good lender, I'm open to suggestions. I'm in north Texas.
Most Popular Reply

Hi Axel,
75% of initial cash purchase can be easily done with both conventional or DSCR as a delayed purchase. You'd be able to get more cash out with DSCR with lower seasoning.