Updated almost 4 years ago on . Most recent reply
Finding small lenders
Hi Friends, we are getting ready to do the refinance in the BRRR strategy and I know the rec is to go for a smaller/local lender. We invest out of state so would you recommend finding a lender in the market where the property is? And if so, how do you define small lender? Is it a locally-owned bank, a credit union, just not BA or WF? How do you define? Thanks!
Most Popular Reply
This is a challenge for many investors. It can be challenging to find lenders who will lend on under $75k without going to local banks and credit unions. Typically, they will be your best source for small loans like this. In you come across a package deal with 2 or more properties, some of the wholesale channels will reduce the individual property value to $50k each.
Do a radius search from the subject property and look for banks and credit unions. Give them a call, you have nothing to lose by having a phone conversation with them. If they don't or won't do it, ask them if they know who is in the area that will.
Cheers!
- Nick Belsky
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