Refinance a recent sub2 purchase?

[NOD Properties]

Has anyone had any luck in refinancing a sub2 purchase soon after the deal? I realize that borrowing in your own name goes against the fundamental strategy of the sub2 purchase, however we are not trying to apply those principles to this particular deal (the sub2 was just a way to purchase the property below market value in a tight timeline).

Currently, we have taken title in the name of our Limited Partnership. The 1st & 2nd DOTs are in the name of the seller. We would like to refi at 70-75% LTV, which would result in approx. $40k cash out. Our current problem is that several banks would like to see 6 months of seasoning before making any loan...

Any ideas?

Thanks!

[Jim FL]

NOD properties.
Because I buy most of my properties sub2, this has been something I've dealt with over the years.
The key is to either find a direct lender who does not require seasoning of title, or, a mortgage broker with TONS of lending programs available.
There are several sub-prime lenders out there that will lend on a refi immediately after taking title, others, 30 days or so, and some that require a year.
When they will fund fast, as has been my experience, the LTV cannot usually exceed 75%, but some do, and the rates are not that great.
Better credit helps of course.

It does not matter how you bought the place really, sub2, or not, the issue is whether or not the lender will refi YOUR PROPERTY, (remember, sub2 means YOU OWN IT), with very little time on title.
Call some local mortgage brokers, check with this website:
www.pleaseclose.com (http://www.pleaseclose.com)

This is hard money lender, but I read somewhere that they will also fund sub2 deals, not sure what that means really, call to find out.

I just use my mortgage broker Scott myself though, because he has some lenders that will refi right out of the gate, and for higher LTV's...........but, the rates are higher than normal investor loans, but, less than hard money lenders.

HTH,
Jim FL

[NOD Properties]

I appreciate your reply. I attempted to access the website you referred to, however it asks for an agent name to access the site. If you could list your agent's name, I would love to view the site.

I have spoken to a local loan broker and I believe we have found a home for the loan at Greenpoint.

Thanks again for your help!