Lender Options for a nice BRRR

[Ryan Porter]

I picked up a lovely duplex in Clinton, MS. It should be fixed and rented within a month or two. Can anyone recommend a lender that offers refinancing for investment properties with a 30-year amortization? It seems the only way to make the numbers work decently with these interest rates. 

[Erik Estrada]

Quote from @Ryan Porter:

$170,000 ARV

I would like to pull $130,000. I am fine doing a 5-year ARM with a 25 or 30-year amortization rate. ( I hope I am using the correct lending terms lol).

The lease will be for $1.700

$130,000 would be a bit over 75 LTV. While you can do an 80 LTV cash out, the terms won't really work well.

Assuming you have a FICO over 720 and the taxes and insurance aren't insanely high, you should comfortably be able to cash flow at a $127,500 Loan Amount. Rate would likely be at 6.875-7.375% depending on your prepayment penalty period and seasoning period.