Cash-Out REFI Banks in Iowa [BRRRR]

[AJ Smith]

Hi all,

Interested in finding cash-out refi banks for my BRRRR journey starting up next year.

Anyone have any cash-out refi lenders they'd be willing to share?

Willing and ecstatic to do the ground work, just looking for a place to start.

Iowa Investors, Iowa Realtors, Iowa Lenders, Iowa Property Managers, Midwest Investors, Midwest Realtors, Midwest Lenders, Midwest BRRRR, would love to get your input.

[Doug Karkow]

Hi @AJ Smith, since it appears you're in the Iowa City market, I would highly recommend CBI Bank & Trust. Specifically, Zach Kenyon (Assistant VP) and Art Floss (Market President) on the commercial side. Depending on your experience and financial strength, they are an excellent option for BRRRRing properties in the area. I purchased a single-family house in Cedar Rapids back in December for $71k with a rehab budget of $30k. They performed an as-completed appraisal prior to closing and came up with an ARV of $145k. Because of this high ARV, they financed the whole $71k purchase (I actually got a check back at closing for ~$600) and put the $30k in renovations on a construction loan. Ultimately, we went ~$4,000 over on the rehab so that's the ONLY cash I had in the deal thanks to them! In the end, $4k in cash in exchange for $40k in equity and ~$300/month in cash flow after ALL expenses (including CapEx)! PM me if you're interested and I can get you in touch with them.