Looking for financing for ARV vs. Total cost
I am trying to connect with banks and credit unions in Maine(the area I am looking to invest). I have started contacting one institution every morning. One issue I keep running into is their refinance is based off of total cost(acquisition and renovation) as compared to Market appraisal. Is there a better way that I could ask this question, do I need to try and negotiate this, or just keep looking for a lender that refinances off of ARV. Thanks all.
Most Popular Reply
Your asking a local bank to finance off of ARV and they don't even know that concept. What you are asking for is a lender that is a fix n flip lender or a hard money lender, which you wont find with your local banks in most cases.
You need to work with brokers or bankers that have a wide assortment of Non-QM products that banks don't have. I would call the local title companies and explain that your looking for a lender that does a lot of fix n flip money or hard money. They can recommend the lenders that close those types of loans because they close them on the title/escrow side of things. They should know the best lenders to send you to?
I hope that helps?