I know there are a few mortgage people and lenders on here and I'm wondering if you have any products that would allow me to pay cash for a property (and any potential rehab), then take out a loan to pull out equity after closing (and before it's been rented for 12 months)? I am having to make cash offers with 1-2 week closes to get deals so can't finance the initial purchase.

Howdy Lostin. I still remember I lost your deal to your company credit union, what, 10 years ago?

Buying cash and then doing a cash out refi is based on appraisal after 6 months of purchase. Otherwise have to use purchase price. Also you are limited to 75% of value.

Otherwise standard underwriting applies. Contact info in my profile.

There are a few options. You can use our cash to purchase the property using this product: https://hurstlending.com/dominate-loans/dominate-with-a-cash-offer/

This does a few things for you. It uses our cash instead of yours. It allows us to give you a proof of funds letter, so you do not have a third party financing addendum so you are still a cash buyer on your offer which will put you ahead of the financed offers. Finally, it will allow you refinance into a conventional loan at the new value without waiting 6 months.

Another option is to pay cash, then refinance with a non conventional loan that will allow you to use the new value right away. These rates will be a little bit higher then conventional.

The final option is delayed financing on a conventional loan. On delayed financing you can borrow up to the lessor of 75% of the purchase value or up to what you paid for the property.

I can do it with no seasoning!

We would love to lend for you! enter info here https://shrtm.nu/jetlending and let us help!