Obtaining Mortgage on Vacant Multifamily

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  • #3656
    Camil Zuk
    Participant

    Nick et al.

    What is the process for obtaining a traditional mortgage on a previously vacant multifamily property (3 unit)? I understand the bank typically requires 12 months of rental income to be comfortable enough to write a traditional loan.

    I’m looking to buy with hard money, repair, and hold. What is the typical process so that you aren’t paying hard money rates during the “seasoning” period?

    Thanks.

    #3718
    nicktang
    Keymaster

    You can refinance instantly once the property is filled with tenants. You don’t have to season it for 12 months at all.

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