Investor · Tuscumbia, AL · Member since 2017 · 40 posts · 16 votes
I'm working around the Muscle Shoals area, about an hour west of Huntsville, AL. We have 2 rentals so far, both free and clear. We can't seem to find any banks willing to leverage that equity. They all want to base loans heavily on my income and credit and tell me that my debt to income is too high and they can't do anything. Any suggestions?
Investor · Florence, AL · Member since 2019 · 5 posts · 2 votes
5y
Hello all!
I'm an investor in the Shoals area with about 50 units. The best bank I've found For the BRRR method is First Southern Bank. Call the Court St location and ask for Trent Jordan. Feel free to reach out and let me know how I can help!
Developer · Tuscumbia, AL · Member since 2019 · 111 posts · 99 votes
5y
Let me know if I can help @Allen Chaney and @Michael Logan. I work with a few banks in the area and can also turn you on to some private lenders if interested.
Investor · Florence, AL · Member since 2015 · 42 posts · 11 votes
5y
Hey Cole! Good to see u on here! I've been looking for a good private lender. I've got a good hard money lender but the costs are high. We're buying houses with cash and doing the BRRRR method but I would love to scale up to larger multifamily. Shoot me a PM when u get a chance!
Investor · Florence, AL · Member since 2019 · 5 posts · 2 votes
5y
Hello all!
I'm an investor in the Shoals area with about 50 units. The best bank I've found For the BRRR method is First Southern Bank. Call the Court St location and ask for Trent Jordan. Feel free to reach out and let me know how I can help!
Investor · Florence, AL · Member since 2015 · 42 posts · 11 votes
5y
@Ben Wright
Hey Ben, thanks for the info! I've been meaning to call first southern.
I know first metro can do a 30 year mortgage on investment properties (75% ltv) and they sell it on the secondary market. Property can't be under an LLC tho, has to be your personal name.
Also, Russell Allen at Listerhill can fund a purchase/rehab up to 100% LTC/80% ARV, but it's a 5 year balloon w 20 year amortization. Essentially a very cheap hard money loan.