If you’ve got a client who is doing a quick closing with cash but may want to consider doing delayed financing, we have an option for your client! Help them conserve their cash and have them give us a call!
Your borrower might qualify as long as their cash out refi loan doesn’t exceed their initial investment in the property purchased and was an arm’s length transaction. We must also be able to verify that no financing was acquired for the cash purchase and we must be able to source/trail all the funds used for the cash closing. All other refi requirements must be met, but this is a great option for clients who are interested in conserving their cash. (Note on jumbo delayed financing, the transaction must be completed within 90 days of the initial closing or cash out rules restricting the dollar amount of cash out will apply)
As you know, making a cash offer can be of great value in negotiations and getting delayed financing after closing helps refill your client’s bank account. It’s a win win for everyone!
We look forward to hearing from you and your clients about all your mortgage needs. Call us any time!
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