I bought a rental property and planned to do the BRRR strategy. Its on a 3 year ballon loan and want to refinance. I am a little lost on the process because I attempted and my credit and income is not an issue, but the state laws were an issue. Do I have to get a bank within the same state or is there a way to refinance with in a different state?
@Danny Hubbard uggggg, sometimes I hate the laws that govern lending. For the customer, it can be very confusing. There are two items to consider here - a very large, national bank is licensed in every state. BUT they aren't investor friendly. For investor friendly lenders we need to work with smaller to mid-sized banks. And those banks need to be licensed in each state separately. There are state specific forums here at Bigger Pockets. Try posting there or you can even post here and use "looking for lending in X state (or city)" in your subject line for better responses. Thanks!
Thank you for the response. I will take your advice and post in the forums.