OfflineI had asked the person who runs the Real Estate Investment club I joined a month ago for a referral for a Mortgage Broker, one who works with Banks who don't require "seasoning".
(Seasoning- meaning refinancing when owning the property a short-time such as a few weeks, a month, anything less than 6 months)
He gave me a referral for a Direct Lending bank contact who told me that there is no such thing and that all mortgage brokers/lenders have to follow the exact same guidelines and the minimum you must own the property is 6 months before you can refinance, period.
I'm located in Sacramento, Calif. Is this only true for California or is he full of bull and his company just doesn't offer this?
If someone has a Mortgage broker that does work with Banks who don't require seasoning, a referral would be greatly appreciated.
Check small local banks / credit unions. These are also known as portfolio lenders because they keep the loans in house and don't resell them on the secondary markets.
Most government backed loans issued by larger banks do have to strictly conform to certain guidelines. Again, call around to smaller banks in your area instead.
Good luck!
- Tom
Hello,
Most asset based lenders do not have a seasoning requirement, but if they do it's usually 6 months or less.
Good luck!
Not sure about California but as stated obove - your local small town banks are the ones that r more likely to not have those STRICT policies that they mentioned above. Go to yp.com. And write down all your local community banks. Ask to speak to the representative that can give you information on their loans and tell them you are looking for a commercial loan for a residential property. Continue to ask them if they have loans that require no seasoning. The vital part of this is to keep calling and keep calling and keep calling until you find one. Good luck
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basically, you are going to have to kiss many frogs before you find your prince...
google all the banks in your area, then start calling them one by one; don't ask if they do 'no seasoning' loans; instead, tell them that you bought a property a couple of months ago, and that you're looking for a lender to refinance it so that you can do some remodeling to the house. Banks like to see that you're improving the asset that they are holding as collateral
Wishing you success!
Valerie
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