BRRRR cash-out after standard six-month seasoning
How does the BRRRR refinance work after the standard seasoning period?
The seasoning clock exists for one reason: it is the point at which a lender is willing to trust the property’s appraised value, including the rehab, instead of what the investor paid and spent to get there — and once that clock has run, the ceiling on the refinance changes from cost to value.
- DSCR refinance using appraised value Once the seasoning clock has run, a refinance can be sized against the property’s current appraised value rather than its original cost, which is what makes the rehab’s added value actually accessible.
- Refinancing on the cost basis by choice, once seasoned If the seasoning period has already run, sizing the refinance off cost rather than appraised value leaves equity on the table for no reason.
Lenders in the directory
No lender here publishes a rule for this
This is an underwriting judgment, not a published threshold. None of the 37 lenders in the directory states a policy on it, so there is no honest way to build a shortlist — and a list computed only from which products a lender writes would tell you nothing you could act on.
What matters here is how the file is presented rather than which lender receives it. The sections below cover that. When you are ready to approach lenders, the directory shows what each one does publish, with the date it was verified.
What "seasoning" is actually protecting against
A refinance appraisal that happens immediately after a purchase and rehab is vulnerable to inflated valuations, particularly if the appraiser is influenced by the borrower’s own renovation invoices rather than independent comparable sales. A seasoning period — commonly six months, though this varies by lender and is not published in this directory as a specific number for every one of them — gives the market time to establish the property’s value through its own transactions rather than the investor’s account of what was spent.
Why this unlocks the loan-to-value ceiling rather than the loan-to-cost ceiling
Before seasoning, a refinance is typically sized against loan-to-cost — what was actually spent on purchase and rehab. After seasoning, most lenders will size the refinance against loan-to-value — the appraised value of the finished property — which is where the real BRRRR economics live, since a successful rehab often creates a finished value well above total cost. This page filters to lenders publishing a maximum LTV at or above 75%, since that is the leverage level where the value-based refinance actually recoups a meaningful share of what was invested.
The roster barely moves once you cross into BRRRR-tagged lenders
Nearly every BRRRR-tagged lender in this directory publishes a maximum LTV of 75% or higher, so this filter does not do much narrowing on its own — the more meaningful comparison is against the no-seasoning version of this scenario, where the relevant ceiling is loan-to-cost rather than loan-to-value, and the published numbers genuinely diverge. See that page for the one lender in this pool whose cost-basis ceiling does not reach far enough to matter before seasoning.
What to have ready
- Post-rehab appraisal or comparable sales supporting current value
- Documentation the seasoning period has run (closing date on the purchase)
- Full accounting of rehab costs, for reference even though it is not the refinance ceiling at this stage
Questions
How long is the seasoning period?
What changes once seasoning is satisfied?
Does seasoning affect the DSCR calculation itself?
Terms used on this page
- Seasoning Period — A seasoning period is the minimum time a lender requires you to have held a property, a loan, or funds before it will lend against them. Title seasoning is the version that most affects investors.
- After Repair Value (ARV) — After repair value is the estimated market value of a property once planned renovations are finished. It is the basis for most fix-and-flip and BRRRR lending decisions.
- Cash-Out Refinance (Rental Property) — A cash-out refinance replaces an existing loan on a rental with a larger one, paying the borrower the difference in cash. The proceeds are loan proceeds, not taxable income.