Many people purchase San Diego County properties "all cash" these days, whether on the court house steps, or as part of a regular sales transaction. All cash offers can usually close quicker than those requiring financing, so some of these buyers use the all cash method with the idea of pulling the cash back out with a refinance.
Our Cash Recapture is a nice feature for a borrower who bought a property and owns it free and clear. Maybe the borrower bought it for cash because he/she got it for a great price and didn't want to deal with a bidding war and the loan process. Now, one week later, he/she wants to pull cash out and they want it now!
Fannie and Freddie require a 6 month seasoning period on the purchase of San Diego County real estate before allowing a cash-out refinance. Some folks do not want to wait that long, they want to continue to build their real estate empire now!
Contact me today if you have any clients in California that could benefit from our program.
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