Refinancing a "flip" for rental purposes - Posted by Matt (MO)

Posted by John Butler(Stl) on March 17, 1999 at 14:42:36:

Southern Pacific was the king of the non-seasoned refinance, but unfortunately filed for bankruptcy back in October 1998. I have not found any other standard lenders for non-seasoned refinances, but you could try the Spectrum Lending division of Countrywide Funding. This is their non-conforming branch, and about a year ago they did a non-seasoned refinance for me. In Southern Pacific’s wake, a lot of the non-conforming lenders are tightening a bit. I used a note sale on my last refi to get around the seasoning issue.

Hope this helps,


Refinancing a “flip” for rental purposes - Posted by Matt (MO)

Posted by Matt (MO) on March 17, 1999 at 13:33:31:

Hi all:

I’m back with a question…bought a HUD that could be flipped for a decent profit ($10k) after my fixup costs but have decided that maybe a QUICK loan based on an appraisal price to cash out my investment + costs might be the answer. Cash flow on this duplex unit will be north of $200/mo.

I’ve read on this newsgroup that Ed Garcia mentioned a firm, Southern Pacific Financial, that makes loans of this nature. Since I’m a full-time real estate investor (the dreaded self-employed the banks despise unless I’m flipping) and even though I have ‘A’ credit and a good sized net worth–I need to find a “low hassle” way of obtaining a decent fixed-rate long term mortgage. I currently have all cash in this property and need to cash out to buy 2 more I have under contract.

Has anyone worked with Southern Pacific Financial or any other firm that will take a 1st on say 75-80% of appraisal in MO. Does anyone have information on this firm (address, email, phone # etc…?) As always, I love this newsgroup and appreciate any responses!!

Matt in MO

Re: Refinancing a “flip” for rental purposes - Posted by Laurie

Posted by Laurie on March 17, 1999 at 19:29:13:


Give Me a call @314-812-0339 I’m a broker in St.Louis,and I might be able to find what your looking for. Laurie