Need BRRRR Refinance Bank in Clearwater, FL Area

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Need BRRRR Refinance Bank in Clearwater, FL Area

Josh Marcus
Largo, FL · Member since 2013 · 5 posts · 1 vote

I just put an offer in on my first BRRRR property and want to get my refinancing ducks in a row when I'm finished with the renovations. I am looking for small private banks in the Largo/Clearwater, Florida area that will do quick BRRRR refinancing based on the ARV of the property and not the pre-renovation sale price. I'm also open to banks not local to me if they offer good terms. Thank you for your help!

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Stephan K.
Rental Property Investor · Clearwater, FL · Member since 2013 · 151 posts · 41 votes
9y

Local banks is tough right now. There is a lot of consolidation going on and many have just been bought and are restructuring.

I don't know and that will use ARV. I know some that do cost (purchase plus renovation).

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  • Stephan K.
    Rental Property Investor · Clearwater, FL · Member since 2013 · 151 posts · 41 votes
    9y

    Local banks is tough right now. There is a lot of consolidation going on and many have just been bought and are restructuring.

    I don't know and that will use ARV. I know some that do cost (purchase plus renovation).

    1Reply
  • Josh Marcus
    OP
    Largo, FL · Member since 2013 · 5 posts · 1 vote
    9y

    Cost will work perfectly for me. All I need is the ability to pull my initial investment capital out once the renovations are complete. Please let me know what banks you know of.

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  • Account Closed
    Lender · Stuart, FL · Member since 2017 · 112 posts · 37 votes
    9y

    If you just want your initial capital out within 6 months you can follow the rule pasted below. As for that just about any savvy lender can get you good terms no special loan programs needed. If you have other questions just ask.

    The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).
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  • Josh Marcus
    OP
    Largo, FL · Member since 2013 · 5 posts · 1 vote
    9y
    Thank you Bill. Will they normally also include renovation costs into the refi?
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  • Daniel PaloscioBusiness Member
    Lender · Tampa, FL · Member since 2013 · 228 posts · 95 votes
    9y

    @Josh Marcus you should consider using an institutional hard money lender to fund the purchase & rehab than wait the seasoning requirement out for your first few properties so you can go fannie/freddie and get the best rates for a 75% LTV cash out. I use IDC for my hard money loans. They vary in rates based on the amount of deals you've done over the last 3-4 years but they fund up to 90% of the purchase and 100% of the rehab. If you do it that way you'll essentially have 10% of the project cost into the project then you can cash out refi after 1 year of seasoning into a loan with much more favorable terms. I'm currently refinancing 4 of my properties that were in hard money loans and starting on 2 more rehabs now. Feel free to direct message me for my lenders contact info should you want it.

    I am also interested in hearing about any community banks / portfolio lenders in the Tampa Bay area that people are using to cash-out refi and what their terms are.

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  • Aaron T.Pro Member
    Developer · Aguada, PR · Member since 2014 · 928 posts · 279 votes
    9y

    @Jerry Padilla

    1Reply
  • Melvin ListBusiness Member
    Lender · Tampa, FL · Member since 2016 · 1k+ posts · 381 votes
    9y

    @Josh Marcus if you pay cash you can recoup those funds with the Delayed Financing Exemption but you will have to wait a longer period to recoup the rehab portion

    C2 Financial
    WebsiteView Page
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  • Jerry Padilla
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    9y

    @Josh Marcus - If you pay cash for the property and prove the source of funds came from you, then you can do delayed financing within 6 months. The appraisal will be based on current value, but will limit you to cashing out up to a max of the purchase price plus closing costs. At the 6th month mark, as long as you show improvements to the property and can justify the increase in value - you can cash out based on the appraisal value. You also have the option of doing investor financing including rehab initially as well with conventional financing. 

    @Aaron T. Thank you for the mention! 

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  • Rebekah Monzon
    Flipper/Rehabber · Clearwater, FL · Member since 2020 · 4 posts · 2 votes
    5y

    @Josh Marcus did you ever find someone to finance the deals in the Clearwater/largo area?

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