No matter how strong a borrower may be, lenders beat them to death with conditions. Hence, we have borrowers with millions in the bank and super low debt ratios trying to get loans (simply to take advantage of the low rates) who throw their hands up and just pay cash for their property.
They intend to get a loan after they close, but when borrowers pay cash for a property, they cannot get a loan against it for SIX MONTHS. Properties must “season” for six months before owners can pull cash out against it.
SOLUTION: When paying cash for a property, have a friendly entity attach a deed of trust to the property at close. That way there is a deed of trust to pay-off, thus allowing a refinance right after close of escrow. Please call us for further explanation.
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