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Replies (5)
- Thomas Osterman, "Thomas Osterman"
- Contributions:155
Loans below $100,000 are hard to come by and expensive.
- Chris Hacker, "thelendingcoach"
- Contributions:130
It depends on how long you mean by seasoned. Normally, lenders will use the purchase price as the highest value for 6 months. I have recently seen some announcement regarding property flipping waivers meaning they are allowing it.
I don't know the exact lenders but if you contact a skilled broker in your area with several wholesale lenders they could point you in the right direction.
- Keane Ng, "Keane Ng"
- Contributions:297
Melvinc13,
I know exactly what you're looking for. These loans for are for paying off bridge loans acquired at auction.
If an investor pays cash, they have to wait 6 months to refinance. If they're paying off an existing deed, you can refinance immediately using the appraised value.
Most lenders will have an overlay requiring you to season the property before using the appraised value. Some lender specialize in helping investors on these take out loans.
Feel free to contact me if you have questions. I know someone in Arizona who can do these for you.
I know exactly what you're looking for. These loans for are for paying off bridge loans acquired at auction.
If an investor pays cash, they have to wait 6 months to refinance. If they're paying off an existing deed, you can refinance immediately using the appraised value.
Most lenders will have an overlay requiring you to season the property before using the appraised value. Some lender specialize in helping investors on these take out loans.
Feel free to contact me if you have questions. I know someone in Arizona who can do these for you.
- Jason Nowak, "jnowak1027"
- Contributions:80
most of the work-arounds for seasoning of properties is related to owner occupied stuff. Plus the fact that you are looking for additional cash out above the current lien on an investment property is something of a red flag. This "equity stripping" is something lenders are very wary about. To use the appraised value on a non owner-occ cash out, you are most likely looking at 12 months on title, 6 months if you are just cashing out the existing lien. If you are working with a group of investors, you may consider "selling" the property between them to enable the cash to be freed up through purchase, rather than refinancing. Be aware of the anti-flipping 20% acquisition price/new sales price threshold as well. I'm local and have been fighting this fight for a while...
- Keane Ng, "Keane Ng"
- Contributions:297
If the buyer is holding the property longterm and you do not cash-out on the refinance, you should be able to refinance right away with the right Fannie Mae lender up to 10 properties financed. The guidelines are different for properties financed from 5-10 but you can do these.
Just get the bridge lender to finance a higher amount if you can. We do these in WA state for investors all the time.
Just get the bridge lender to finance a higher amount if you can. We do these in WA state for investors all the time.
Non-seasoned Refinance Loans Needed
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