No Seasoning Seconds
Anyone have any luck on closing a commercial property and then turning around and putting a second on it with no seasoning? Getting ready to close on a multi at 70% LTV would love to be able to pull another 10% or so out to update the units and a little cosmetics.
Any takers on this question?
Thanks, Jonathan
Anyone have any luck on closing a commercial property and then turning around and putting a second on it with no seasoning? Getting ready to close on a multi at 70% LTV would love to be able to pull another 10% or so out to update the units and a little cosmetics.
You should be able to, however, you may have to wait a period depending on your states laws, about how long you must wait to cash out equity. I would ask a mortgage broker,.
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How soon after closing can you attempt a no seasoning second?