Use BP for favorable lender contacts - helped me cash out $375k
Guys - just wanted to give a shout out to the BP community and recommend that people use these forums to help with lining up good lenders. I had several properties for a number of years in a smaller metro area (Montana). I felt they were up in value but my existing lender refused to do cash out refi's. The bigger banks didn't like the smaller metro areas - under 150 people per square mile. So I put it out on BP - asking if anyone had good lender contacts in this area. Amazingly, i got several replies - a couple from mortgage brokers who had useful programs I can use now on bigger projects, and two recommendations of local banks not in the same town, but in the same region who were familiar with my area. Lo and behold i reached out to them and one was really receptive. They put my first building's deal to bed in 60 days, then we did another one 60 days later, and just finished up a third last month. Overall, it allowed me to take out $375,000 to use to pay some bills and go out and get a couple more properties. Once that starting happening, too, its amazing how the bank that wasn't as cooperative became much more so!
So just wanted to post this here - so people using this site realize that there's so many people in so many geographies that you can get really specific and useful help that meaningfully can impact your business - if you just put it out there on the forums!