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Updated almost 10 years ago on . Most recent reply

User Stats

22
Posts
6
Votes
Ed S.
  • Investor
  • Indianapolis, IN
6
Votes |
22
Posts

Looking for Delayed Financing Source

Ed S.
  • Investor
  • Indianapolis, IN
Posted

Hey all you BRRR experts out there....

I am looking for a source for delayed financing for a BRRR property. I purchased the property with cash 4 months ago, and want to finance it now (as opposed to waiting 6 months for a conventional refi) on a traditional, fixed rate, 20 year note. Property is in Indiana. The property is held in an LLC of which I am 100% owner (I'm willing to to a quit claim the property to me personally to satisfy underwriting requirements as long as that doesn't trigger a 6 month seasoning requirement).

Looking for a funding source that will lend at 70-75% appraised value, not just the purchase price. I paid $30k, invested $23k, and the property appraised at $80k. I am looking for at least 70% of the appraised value, or $56K. 

Property is freshly rented on a 48 month lease with above-market rents.

Any suggestions on what companies do these loans based on appraised value rather than purchase price?

Many thanks. 

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