I've spoken to a number of banks in my area (Omaha, NE) in order to find a BRRRR friendly partner.
I've only really ran into one or two small banks that'll work well with BRRRR-ing
The most user friendly bank I found only finances 80% of either your total money invested in the property or the ARV (whichever is less) and will only refi after a tenant has occupied the residence for at least 12 months
Are there any local people on here that know of any BRRRR friendly banks? Thanks
What are the names of the two? Dundee Bank, I have heard is more investor friendly. At least for single or Multi up to 4 units. I am researching as well as I have a 4 plex that is ready for refinance. Thanks!
Dundee is actually the bank I just spoke to. They are the lender I spoke about above. I’m being told the house must be rented for 12 months before they’ll refi
@Matthew Smith, try Cody wragge at citizens state bank. I haven’t used them yet, but I had a phone conversation with him that they are looking to expand their OMAHA presence and are willing to aggressively refi investment properties.
Are you looking for commercial or personal residential lending? My properties are under commercial loans and don’t require any seasoning period. Maybe personal residential loans require this period?
I work with American Interstate bank and am very happy with their service and rates.