Updated almost 7 years ago on . Most recent reply
Refinance Question for BRRRR
Looking to purchase a duplex up here for $10k, it needs $30k worth of work, ARV is $60k. This brings my 70% refinance to $42,000. Is this too low for any bank to take on a refinance or is that just big banks? I use a local CU for other properties but have never had such a low ARV and was curious.
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@Cody DeLong unfortunately small loans are difficult to get. your best options will be smaller local banks and credit unions. One options is to bundle more than one property to get to the minimum loan.
Another option is some hard money lenders offer a 5 year loan. This will kill your cash flow but in 5 years you own the property free and clear.