BRRRR - Refinancing a Flip

BRRRR - Refinancing a Flip

Member since 2020 · 7 posts · 1 vote

I am a new agent/investor and curious to know the how banks can approve a loan for a flip when the property was paid up for in cash. 

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  • Jaron WallingPro Member
    Rental Property Investor · Indianapolis, IN · Member since 2018 · 4k+ posts · 4k+ votes
    5y

    @CJ Nweke The answer is they don't. You fund the "rehab" step with your own cash or OPM. 

    The majority of good BRRRR deals don't qualify for a bank loan.

  • Member since 2020 · 7 posts · 1 vote
    5y

    Thanks Jaron.. I think i should have clarified.. I was thinking of a situation where as an investor, i purchased an off market home and then rehabed it with Hard Money funds and then attempted to flip it. 

  • Specialist · Huntsville, AL · Member since 2020 · 200 posts · 105 votes
    5y

    @CJ Nweke I work with multiple commercial lenders that offer purchase rehab and refi options when the property was purchased with cash. Some lenders requiring minimal purchase needs that also cover up to 110% of rehab. Lets connect

  • Member since 2020 · 7 posts · 1 vote
    5y

    Awesome thanks @David Robinson I would love to connect.. Do you mind sharing your email/contact details?

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