Lender to refinance brrrr property in Nashville TN

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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
4y

Sent you a PM - lets connect

That's really the tradeoff right now, banks are going to have better rates no doubt about it, but in the current environment it can definitely make sense to use a private lender with a much quicker process, much easier and less burdensome qualification and can actually get the deal done.  In a period of rising rates and economic uncertainty, I bet we are going to see a lot of people seduced by lower bank rates only to find out that the bank's underwriters get cold feet or find something to kill the deal during the process and you end up back at square one

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  • Braydin Mehnert
    Lender · Bristol, TN · Member since 2020 · 21 posts · 16 votes
    4y

    @Anthony Phillips That seems to have been a common theme with local banks lately. I have really liked my local banks when I have a unique deal, but when it can be done with a conventional, DSCR, OR standard commercial deal I have found they are just too slow. Some of the fiscal tightening that is going on in the market is making them very selective in terms of the loans, properties, and borrowers they take on. My suggestion would be a mortgage broker or bigger institution that has a set of guidelines that are a bit more defined. That way someone can give you a quick yes or no.

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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    4y

    Sent you a PM - lets connect

    That's really the tradeoff right now, banks are going to have better rates no doubt about it, but in the current environment it can definitely make sense to use a private lender with a much quicker process, much easier and less burdensome qualification and can actually get the deal done.  In a period of rising rates and economic uncertainty, I bet we are going to see a lot of people seduced by lower bank rates only to find out that the bank's underwriters get cold feet or find something to kill the deal during the process and you end up back at square one

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    3Reply
  • Kyle DeutschmannPro Member
    Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
    4y
    Quote from @Anthony Phillips:

    Any one on here have any investor friendly lenders in the Nashville area? Working on getting a commercial style loan with a local bank which seems to be giving me a good rate but lender is working very slow and unresponsive most of the time.


    Commercial loans generally take longer than residential - appraisals can take longer and underwriting can also somehow take longer despite often less paperwork than residential mortgages. 

    I own a rental in Nashville and have many clients down there still - would be happy to chat if you'd like a second opinion. 

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