Best strategy to re-finance BRRRR project

[David K.]

Dear all,

I have a property (condo) in NJ that I bought for cash back in January...I tried to follow best practices that I have learned over here in BP to buy, renovate, rent...So far it is working beautifully as advertised! Now it is time to re-finance.

I am looking for an advise how to properly approach this phase. I have been referred to a large financial institution mortgage brokers but I am afraid that they might give me issues getting approved and all..

So, before I commit to start the process, I want to ensure that I am dealing with investment-friendly brokers who would know the difference between approving someone for business investment as opposed to purchasing their primary residence.

Thanks

David

[Ned Carey]

@David K. generally you will have your best luck with smaller community and local banks.  Also there are some large national lenders that are good with investor loans. I believe LIma One is one of them. Go to some local investing groups and talk to landlords and see who is loaning now.  

I wouldn't focus on the rate as much as the ability to get the money. When the deal is right availability of money is more important than the price of the money.