Commercial Refinance Help Needed
Greetings Everyone,
Does anyone have a lender that works in Maine, or is nationwide and can help me with the following in the future. *I do not currently have a property in contract, but have several lined up*. I would be purchasing the property with hard money, and then looking to refinance out of the hard money loan preferably within at the longest three months. Purchase would be at or below 70%, and I would need the Refi to be at least 70% preferably at least 75%.
Reasons why this has been difficult. I am a recent college grad (spring 21"), only started my real estate journey in July of 21', I have no current properties, and I do not work in the area of my college degree. I currently work on finding deals full time, and bartend at night for income. The deals I have found, I have had to wholesale to others to BRRRR because I couldn't connect with a lender in time that could refi the loan for me. While wholesaling them is not the end of the world, I see the true value that actually owning the properties can bring, and want the option to do so for my business.
I also have a decent set of saving, nothing crazy, but something that could definitely deal with problems if they arose. Lastly I have a good credit score, roughly 750+, and do have some record that could show I pay my bills on time.
I know the situation is difficult to work with, and understand the underwriting process and assessment of risks, as I went to school for finance and economics. However, I also understand that there are people in my situation that get the job done.
Any help is appreciated!
-Brandon
Just a few suggestions I can think of off the top of my head for you....
1. Hard money lender that lends for 1-5 yrs
2. Partner (with the folks you are wholesaling to)
3. Investment mortgage
@Tsipora Smith Thank you for the response! I will speak with my connections in hard money and see what their options are for longer loan periods. As far as partnering goes, I am willing to go down that route, just wanted to try and take it down alone if possible. I have also tried looking for investment mortgages, but will broaden my search in that area. Thank you for the help!
@Brandon Hall no problem, glad to be helpful
Thank you @Sean Thompson, gonna send you a PM. I haven't had any luck with local lenders, they have acknowledged the numbers work in the past but wouldn't lend to me without more cash in my bank or experience (which is difficult to get if they wont lend to you).
@Brandon Hall I have heard that Camden Bank is good for refis. Haven’t checked them out myself. You may want to just get yourself a co-signer, that would make this much easier for you. Once you have some experience under your belt you can go commercial.
@Bethany Turon I believe I have tried working with them already, but am going to reach back out. I appreciate the suggestion! I figured that was the case, but still wanted to try and get it done on my own, I don't mind bringing on a partner but want to try to accomplish this on my own. Thanks for the response!
Try First National Bank, Matt Mattson in Belfast Branch, 207-669-2347
@Ed Emmons Thank you I appreciate the recommendation, sending you a message about it now.
But also, if you've got to sell some of those leads let me know. :>