Flipper/Rehabber · Troy, IL · Member since 2016 · 10 posts · 5 votes
Hi BP!
I'm looking for a local bank recommendation in the St. Louis/Southern Illinois area that will help with BRRRR refinancing for an LLC. I appreciate the help!
Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
8y
I work with American Bank of Missouri. They are a small, local bank that loves real estate! I'm currently using one of their renovation loans. They're worth looking into.
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
8y
Most banks generally don't have the fix n flip type programs that would be needed to do these kinds of projects. You need to find a broker or banker that has these kinds of products. I PM'd you some lenders that can do it in your area.
Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
8y
I work with American Bank of Missouri. They are a small, local bank that loves real estate! I'm currently using one of their renovation loans. They're worth looking into.
St. Louis, MO · Member since 2018 · 26 posts · 23 votes
8y
Thanks for the question and replies, I was wondering the same thing. Tried a couple local credit unions and both wanted at least 2 years history for my business (which I don't have yet). Kevin, would you mind sending those lenders my way as well?
@Megan Greathouse Thanks for the recommendation. What about after the flip is complete? Have they been easy to work when comes to the refinance on the back end? The local banks I've spoken to want to loan on based of skin in the game as opposed to appraisal value.
Rental Property Investor · Saint Louis, MO · Member since 2017 · 397 posts · 469 votes
8y
@Austin Gaines... my current loan with them is for a property I'll be selling after renovation. But I know they have a product that fits the BRRR model as well. I believe they're willing to refinance you out completely, as long as the appraisal supports it. Not sure if they'd let you take a bunch of cash out, though. Does that make sense?
So if you bought for $50K, put $25K in, and it appraised for $100K... you could get you're full $75K back out. But if it appraised for $120K, you may still only be allowed to pull out the $75K.
I worked with the VP & Branch Manager of the Rock Hill location, and he directed me to the right people after that. I sent his contact info to you in a direct message.
Happy to help! I coordinate a St. Louis REI Happy Hour on the last Thursday of every month, if you're ever interested in joining. The next one is on Oct. 25th... details at this link:
Real Estate Agent · St. Louis, MO · Member since 2015 · 45 posts · 12 votes
8y
My fiance, Christopher Beahm, is a lender locally here in St. Louis but is licensed in 13 states. At his company, they offer some unique products, and he specializes working with many investors. Feel free to message me if you'd like his contact information.
Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes
8y
The Bank of Edwardsville has a lot of Branches. I recommend you ask for Mark Davitz at the branch on West main at the intersection of Frank Scott Parkway West. He does lending for tons of investors and is an investor himself. He is also a member of Illinois REIA. I will PM you his phone number.
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Kevin Romines Hello, I just stumbled upon this thread. Would you mind sending me a recommendation for 30 yr Freddie/Fannie lenders who work in Missouri? I'm in the process of purchasing/refinancing some 2-4 unit properties, the lender I'm working with has some overlays that are causing an issue. Thanks for the help!
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
6y
@Aaron L. what kind of overlays are you facing? And the Illinois forum might be a better place to ask for local recommendations but we might be able to help in a general sense.