The short answer is yes.
But here’s the longer answer. As a direct private lender, we have a lot more flexibility in our loan terms and requirements than do traditional banks and mortgage brokers. So, we are able to consider each loan on a case by case basis.
That said, however, when it comes to refinancing your investment property, we do prefer a bit of seasoning. Just how much?
Most lenders will use the purchase price as the value of the property in question without regard to completed renovations. However, NavCap will consider using a newer appraisal if at least three to six months have passed since you bought the property. We will also need to verify that the improvements have been made. This three to six months of seasoning allows us to reduce the risk in leveraging the property and pass along a more competitive rate and better terms to you.
Want to get a quote on your next project—seasoned or not? Click the link below, and we’ll be in touch.
https://thinknavigator.com/NavCap/GetAQuote.php
Feel free to reach out to your loan officer with any questions about seasoning or whatever else is on your mind. Don’t know who your loan officer is? Text or call 888.444.3160 or email info@gonavcap.com to be put in touch.
We look forward to working with you!