Cash Out Refi HELP

We just finished our first rehab property. It took 7 months. We were hoping to do an 80% cash out refi and use the proceeds to secure more properties and I called our usual mortgage broker and she said she cannot do it until we have held it a year.

Is this the norm? Should I call around?

Comments(4)

  • mcole21st January, 2005

    Call around. There ARE lenders that will do cash-out REFIs with no title seasoning.

    You might start by checking some one the ones posted on this site. Just go to the "Lenders" link.

    Hope this helps.

  • InActive_Account22nd January, 2005

    Your over 6 months so you should be able to find a lender to do it. 12 months will get you better terms but after 6 months a few phone calls should get you a loan.

    I highly recomend that everyone find a lender / broker who works with and knows investors.

  • bbnx28th January, 2005

    I was in a similar situation recently and it took a LOT of work to cash out of the property. I hope it works out, however, I doubt if it will be a cakewalk. Also, review the lenders that advertise on this site carefully.... I am currently working with one on a project and my grade for their assistance to date would be a big fat "F".

  • reevescp28th January, 2005

    i am a mortgage broker in IN,KY,MI, and OH and bayrock will allow you do get 70% under 12 months

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