looking to do a cash out refi for more than what I purchased the building for. Need a lender who will not look for the typical 3-6 months in order to use a newer higher appraisal as the value.

NY state

State:
Amount:
Property type:

Documentation:
FICO:

LTV:

Occupancy: NOO

Loan purpose:

Hello,

There are lenders out there that you can work with were seasoning issues are not a problem, meaning there's no required time you have to be in the property. Have you had any luck so far? What are some of the problems you are running into?

Thanks for both replies. here is the whole scenario, please contact me directly or leave your contact info


Hello, I am looking for an unseasoned cash out refi above purchase price. Please review all the details below and let me know if this is something you think you have a lender for.

Thanks,

Jason Norton
510 526 9663
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I have just purchased a property and want to refinance with cash out for a value above what I paid for the building.

I took possession of the property 2 weeks ago. (no title or appraisal seasoning)

I purchased the property for 159000, with 20% down payment leaving about 127000 loan balance. Appraisal used to purchase was done by bank’s appraiser who found value of exactly the purchase price ($159000)

My current interest rate is 7.125
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PROPERTY DESCRIPTION

Located in Solvay, NY. Onondaga county (suburb of Syracuse)

4 residential units currently rented (non owner occupied)

2 structures on one deed:
1: 3 unit building
2: 1 single-family 1-unit house

Zoning codes show mixed use. Prevailing use is strictly residential.

Several appraisers have given a preliminary look at the property and stated that they see no problem finding a value of 200k or more in current condition.
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TYPE OF LOAN PROGRAM DESIRED

Cash out refinance. Amount of cash out will be determined by appraisal value and therefore cash out amount that keeps LTV where rates are reasonable. Cash out refi blended with revolving LOC would also be considered.

20-30 year fixed rate with full P+I payments
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CREDIT AND INCOME DOCUMENTATION

CREDIT
No derogatory or missed payments
All ficos 720-750

INCOME
66k full time job, fully documented for past 2 years
Very low expenses, no debt