Cash Now, Finance Later.
Hi. I want to buy residential rental properties with cash, then finance them up to 80% LTV 15-30 days later once I have placed a tenant in the property. Are there lendors out there that have no seasoning or flexible seasoning rules that can do this in Texas? I have excellent credit (FICO 750-800), and already own a small portfolio of rental properties. Any help you could provide would be much appreciated. Thanks in advance! 
I deleted the duplicate version of this question posted in Paper and Notes-- duplicate posts are not allowed.
Yes there are lenders that will do this. In fact if these are commercial transactions there are lenders which will not even make you wait the 15 to 30 days. I frequently put a piece under contract, rent it in the contract period and finance for 100% of purchase price based on the increased value due to the rental income.
In residential lending this would be very difficult unless you also did some renovation work to explain the added value.
Quote:
On 2004-12-18 18:11, commercialking wrote:
I deleted the duplicate version of this question posted in Paper and Notes-- duplicate posts are not allowed.
Yes there are lenders that will do this. In fact if these are commercial transactions there are lenders which will not even make you wait the 15 to 30 days. I frequently put a piece under contract, rent it in the contract period and finance for 100% of purchase price based on the increased value due to the rental income.
In residential lending this would be very difficult unless you also did some renovation work to explain the added value.
Thanks commercialking, sorry for the duplicate. I'm doing residential right now. I usually put in somewhere in the range of $2,500 - $12,000 in repairs and renovations to the residential properties I buy before renting them out. That's why I need the 15 -30 days, to complete all the work first before any appraisal. If it's not possible to do this with residential lending programs, is there a commercial lending vehicle that could be used to accomplish the same end objective? Thanks for your advice...Ed