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