First time poster - long time reader. I’ve searched and haven’t found an answer to my situation.
I purchased a home at Trustee Sale ~4 months ago with the intention to flip it (having had quite a bit of success for the past couple years doing so). This one has been slow to move but we have an interested party wanting a lease option purchase with terms that are favorable for me. My dilema is that I financed the home with hard money (18%) so I can’t cash flow it at that rate. I’d like to re-fi with cashout (had to put 85k down) to move on to some other opportunities.
My question - is anyone aware of a lender that will do a cashout refi on an investment property with 4 months seasoning? Thanks in advance for your help!
Details:
-Appraised Value: ~350k
-Purchase Price: 285k
-Hard Money Loan: 200k