Finance for first time Brrr

[Charlton Brzezinski]

Hello anybody willing to read this. I have a property currently under contract with the intentions of doing my first BRRR strategy and turning it into an AIRBNB/vacation home. I have a house under contract with the original intentions of using my hard money lender for finance. When I originally got pre approved they promised me a 5-14 day process to close. So I did the right thing and got under contract, did my due diligence, got an inspection, got quotes for the renovation cost and even hired an AC guy to come look at it. After that was all done then I got back in touch with my hard money lender (I still had enough time until the scheduled closing date) and they told me there is a 20-21 day underwriting process from the time I submit the paperwork. Not to mention there was astronomical amount of hidden points on the loan. Oh yeah, and they will only finance 80% of the project now. So here I am with 2 weeks to close and no finance.

I have the due diligence done, contractors done, quarentee turn around in less than 90 days and a mortgage company ready to cashout refinance me when everything is done for 95% of the appraisal with no seasoning period since it will be a second home.

If there is anyone willing to help me out with private financing PLEASE reach out to me here and I will be more then willing to have a formal conversation or meet up with you to discuss details.

THANK YOU BIGGERPOCKETS MEMBERS AND INVESTERORS EVERYWHERE!!

[Tarik Turner]

There are BPO based products that close in approximately 10 days however here is no rehab costs included - Most rehab loans will take you at least 3 weeks to close- full appraisal will be needed

Side note: 

I hate when lenders aren't upfront with their fees ...gives the industry a bad rap