I have not done this but I’ve heard good things about Wachovia bank and BB&T. I have a contact at BB&T if you’d like. From what I hear the best deals are from banks like these that don’t sell the mortgage/note.
Hi Chris, I have exercised the BRRR (Buy Rehab Rent Refinance) method a couple of times, in Lakeland I have used Midflorida Credit Union for a line of credit and a Secured Commercial loan, I have also worked with Center State Bank for a line of credit, PM me if you would like specific contacts
@Christian Paez how did the line of credit work for you? I am looking for something that allows me to buy properties at auction or at least cover rehab expenses. The lenders I talk to either have no idea what I am talking about or are just incredibly slow to respond. Our company is only a year old and does not have a revenue stream that would get real money, but my partner and I both have excellent credit and personal income. Thanks for any tips!
@Jeremiah Perry we followed the process of purchasing a property which was in need of remodeling, we would identify any necessary upgrades, as this is a perfect opportunity to fix any items which may give you headaches down the road, such as plumbing, electric, ac, roof etc. once the property has been fully restored and while it has been listed for rent, we move to apply for a loan in this case Line of Credit which uses the property as collateral, the lending institution will have an appraisal performed against the property to determine the value, however many banks are now requiring at least 1-2 years of maturity on the property before they accept the fully appraised value, meaning they will loan you a certain percentage (generally 60-80%) of the value of the purchase price plus the investment for the repairs, I have found many banks are moving in that direction lately, where a year ago they would do the loan based on appraised value with just 6 months maturity, but I would recommend you shop your local lenders for more options.
Our situation was similar to yours as our company was fairly new, but since we had W2 income, and good credit history, we were able to list as Guarantors for the loan, so that is a plus you have going for yourself. What I can recommend as a tip is you should have all your financial information handy and ready, they will require you to fill out a PFS (Personal financial statement) which will list any assets and debts you may have, having this information ready ahead of time will save a lot of time and effort, I have been using Mint for many years, I am able to list properties, cars, and investment accounts in the system, which makes it easy for me to pull up the information and quickly provide a snapshot of my financial information.
Hey thanks Christian , yeah we have been kind of doing the same thing. But it still seems to really get into the big leagues without a sort of missing piece....maybe after knocking down a few more deals. It is a little bit nerve wracking to have your personal money all tied up in a property.....that Kabbage.com was a very quick and easy process though I will say that.