OfflineI am buying some properties in Indiana. I'm using a private lender for the transaction and plan to refi. I have called 20 banks trying to find one that doesn't season their loans. Everyone I've talked to has the 6 month seasoning requirement. If they don't have that, they will only refi on the purchase price not the appraisal. I am desperate because I need to close this deal soon. Can someone give me any tips or know of a bank that will work with me?
Thank you for your help everyone!
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Were are you located in Indiana. I know of some small town banks that do in house loans but they may only loan in the area they are in.
Give me a PM.
Steve
Steve and Veronica
Steve and Veronica's Journal.
http://www.deangraziosi.com/real-estate-forums/investing-journals/58073/...
http://www.deangraziosi.com/real-estate-forums/totally-fulfilled/72344/d...
What are you telling them when you call?
Has your private lender just given you the cash and you are paying cash for the property , or are you drawing up a note and mortgage and borrowing the money?
Most lenders that I am aware of have a 6 month waiting period for "cash out" refi's. There is no period for "rate and term" refi's. So you if you have no mortgage on the property, you get an HML to give you a short term loan and then apply for a rate and term refi from a bank that takes no new cash out.
Always check with your lenders in advance, I can't guarantee this works everywhere.
Nationwide Transactional Lending at 1.5 points flat fee.
Chicago-area Hard Money Lending.
www.NorthSideFunding.com