how to use BRRRR calculator with bridge loan
Hey All,
Not sure if I'm doing this right but when using the BP BRRRR calculator, if I was to get a bridge loan then refinance into a 30 year fixed.
For the 'purchase loan details'
Down payment, loan interest rate but then when it asks for amortized over how many years a bridge loan would be 1, refinancing after 6 months correct?
Then under refinance loan details, the loan amount would be 70% of ARV and I tried to be conservative with an 8% interest rate.
Not sure If I'm doing this right as Ive come back with some very skewed numbers.
Consider DealCheck's premium membership. They let you put multiple loans on their calculator that is just as solid as BP's. I think it's $30/month but I'm sure you can do a free trial just to see what I'm referencing. Hopefully this helps.