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No seasoning cash-out refinance
Bought below value or just finished a rehab? Refinance on today’s value right away, with no waiting period.
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Qualify on the rent, not your income. Send the deal and a loan officer follows up with your rate and terms.
Estimate only. Loan amount is up to 85% of the purchase price on purchases, or up to 80% of the appraised value on cash-out refinances. Minimum loan $150,000. Rate and final terms depend on the property, the rent and your credit. Business-purpose loans on investment property in Texas.
What seasoning means
Seasoning is how long you have owned a property before a lender will use its current appraised value. Many lenders require 6 to 12 months, and until then they only lend on what you paid. That traps your cash in the deal.
How no seasoning helps
With no seasoning, we lend up to 80% of the property’s current appraised value from day one. If you bought for $180,000, put $60,000 into it, and it now appraises at $330,000, an 80% loan is $264,000. That can pay off the purchase and rehab and return your cash.
See the DSCR cash-out refinance page for how the numbers work.
Questions investors ask
Is there really no waiting period?
Correct. We do not require seasoning on cash-out refinances.
What value do you use?
The current appraised value, up to 80% loan-to-value.