BRRRR Long Term Financing (Georgia)

[Tony Gunter]

Hello BP Family,

I am looking for lender recommendations from people who have closed cash out refi on BRRRR properties.

Properties in Georgia

Commercial product for property(s) held in an LLC

75% or more LTV - CASH OUT

No Seasoning Requirements

Leased or not - depends lender requirements.

Loan can’t be called if current.

30 yr fixed amortization

Money only trades hands at closing.

Can package as a portfolio loan with like properties to be added as completed.

If anyone out there has CLOSED a loan for something similar please let me know. You know how it goes, the entire world is happy to take your application, but I want to close, not play games.

Any help is greatly appreciated.

Tony

[Stephanie P.]

Originally posted by @Tony Gunter:

Hello BP Family,

I am looking for lender recommendations from people who have closed cash out refi on BRRRR properties.

Properties in Georgia

Commercial product for property(s) held in an LLC

75% or more LTV - CASH OUT

No Seasoning Requirements

Leased or not - depends lender requirements.

Loan can’t be called if current.

30 yr fixed amortization

Money only trades hands at closing.

Can package as a portfolio loan with like properties to be added as completed.

If anyone out there has CLOSED a loan for something similar please let me know. You know how it goes, the entire world is happy to take your application, but I want to close, not play games.

Any help is greatly appreciated.

Tony

Hey Tony

When you say "Money only trades hands at closing", are you saying you don't want to pay for third party fees (I've seen lenders charge $200 for a background check and up to $1300 for an appraisal on a commercial loan before the loan gets to underwriting) or are you not looking to pay an application fee up front (which I agree with BTW)?

When  you say you "want to close, not play games" have you had issues in the past?  What were they?  Usually when a loan doesn't close, it has to do with value or title because loan originators usually vet the borrowers up front; they don't get paid if the loan doesn't close.

Stephanie