Hello everyone I am currently in the process of looking for financing in the state of Kentucky for properties that we will be rehabbing and then renting. We are looking for lenders that understand the process and are comfortable with refinancing rehabilitated properties. We are looking for lenders that will allow us to refinance at least 75% LTV for each property that we purchase. I am located in California and will be making a trip to Kentucky next month. Can anyone recommend a great lender? Thank you
Hi kris, I haven't done a BRRRR in Kentucky yet so I don't know but if I hear of something, I'll let you know.
Hey @Kris Marmol i am an agent in Louisville and can do refi's through State Farm bank. its an pretty easy process.
75% LTV for SFH cash-out refi, 70% LTV for 2-4 units
@Kevin Hart , When doing such a refi with State Farm bank, are there no closing costs like with a conventional bank?
@Keith Tidwell there are still closing costs, but our closing costs are typically lower than your big banks. they are more in line with your credit unions and small local banks. another benefit is State Farm always retains the servicing of the loans so you would always be paying state farm bank, as opposed to getting your mortgage sold off multiple times like most companies do.
Thanks, @Kevin Hart . Interesting. I must admit I keep forgetting State Farm has a lending arm. This is helpful info.
@Kevin Hart Thank you for your input. Does State Farm allow the title to be transferred in an LLC?
@Kris Marmol no, unfortunately we cannot do loans in the LLC name.
@Kevin Hart Thank you for letting me know Kevin. Would you happen to know if any of that do?
Again I appreciate your help
@Kris Marmol Mackenzie Cissell at republic bank can. She’s a commercial banker
@Kevin Hart awesome thank you for the referral. Maybe we can meet either when we are out there in July.
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@Kris Marmol let me ask my lender! I'm just doing STR and LTR with 20% down now, but looking to get into BRRRR soon.
@Justine Scheuher That’s great! Thanks Justine. Let me know what they say. We will be out there in July.
@Kris Marmol Are you looking in a specific area? Or just scoping out everything in July?
@Justine Scheuher We will be cruising around all over Louisville to get familiar with the neighborhoods and the marketplace. We have narrowed in on a few neighborhoods but won’t know for sure until we get there.
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