I have been working closely with a lender on the purchase of a home. What we ended up doing was making a cash offer on a property. What we now want to do is get a mortgage right after closing, as we will be rehabbing the property.
The lender is telling us we can't even apply for a mortgage until after the cash closing, and that financing will take about 45 days.
The lender was very helpful when considering other properties (which would not have been cash offers with rehab/cash out financing). However I'm not sure she is that much of an expert on the "cash out" financing we're after.
Is she correct in that you generally can't even apply until the cash transaction is complete? Is 45 days reasonable to complete the financing?