nervous!!! newbie

::)Hi. New in this game. My husband and I are brand new. First purchase in fact. We are buying a property for 15K and have an investrors group that is funding the purchase. The area the propety is in, houses are appraised at or around, 70K. Now, once we purchase the property we will need to pull the equity out to pay back the group. I need to know what loans/banks are willing to do business with a non-seasoned loan and be able to at least refinance at 80%. Any suggestions? Good deal or bad? I did not mention that the group is requring double their investment back in return in between 60 and 90 days after purchase. Need help. Thanks in advance.

Piece of cake. Tons of lenders do no seasoning refi’s. Just make sure the home doesnt need repairs (or the repairs are made prior to refinancing) as that can hurt your chances. You just need to work with a broker who can get you hooked up with the right lender.

Thanks for the confidence.

mark is right. There are plenty of lenders. The ability to get the loan done is going to depend on your qualifications to get financed. Have you had someone do a pre-approval for you?

This is the only way that you will be able to have some piece of mind.