Hey everyone. I'm currently aggressively searing for my first brrrr deal and in the process of my leg work and due diligence I'm making sure I have refinancing options in place and sorted out so when I get there I'm ready to roll. In my search for trying to find a lender that will refi the property the standard offering at the 10+ community banks I've called appear to be practically the same: 6 month seasoning, 70-80% ARV, 15-20 am with a 5 year balloon. No one can offer me a 30 year fixed and at my ideal seasoning in timeframe of 3 months ( and I haven't even gotten to the other part about the property planning to be bought in an LLC and not my personal name). Is this typical of the area of am i just not asking the right questions?
I am completely new to rei so advice, referrals, or anything else you can do to help me sort through this part of the process.
Also, for any local Louisiana people I’m always interested in getting to know others that are currently investing or are in the same shoes as me.
Thanks in advance,
All of your preferred criteria are available through some national lenders. The rates are higher bur they provide greater flexibility and are easy to wonk with. Keep looking.
Just wanted to bump this and see if anyone can lend some insight, referrals, or point me in a direction. The biggest hurdle is the financing is done in an LLC at 80% ARV.
@Matthew K Patton ...what loan amount are we talking about at 70-80% ARV? Based on your bumped post, depending on some other particulars, can probably get you close to what you're asking, but there's a lot in the ask. You need to find the right lender, but you might not get everything. I'm just back of napkin, this is what's out there - Stated income (no personal), LLC no problem, 30 day seasoning to 70 ltv. 30 year amortization. Up to 30 year fixed term available, with no balloons (even on ARMs) . Expect higher pricing though. Getting to 80% ARV, which is an 80 LTV cash out, is pretty much unheard of, or you're going to be searching for a while for that 'needle in the haystack' community bank/cu or something like that.