I live in Cleveland Ohio. I am looking for recommendations on a bank to refinance my 1sr BRRRR. A local bank would be fantastic if not any state wide or nation wide bank would do. A bank with 3 month seasoning would be ideal.
Investor · Leesburg, VA · Member since 2018 · 233 posts · 92 votes
5y
Take a look at local credit unions. They love to invest in their back yard and their underwriting/approval is usually straightforward since they keep their loans in house. My experience has been superb dealing with my local credit union. Additionally, they had no seasoning period on my BRRRRs, order a new appraisal and 80% LTV on the Refinance and close in less than 30 days. This was in the Panama City, FL market.
Property Manager · Cleveland, OH · Member since 2020 · 268 posts · 315 votes
5y
I have a few lenders that I have worked with that I can send you the contact information for. I believe that the 6 month seasoning has to do with Fannie/Freddie requirements and will be part of any conforming loan. If you want to go to non conforming then you can get money fast but the rates and fees are generally higher.
I live in Cleveland Ohio. I am looking for recommendations on a bank to refinance my 1sr BRRRR. A local bank would be fantastic if not any state wide or nation wide bank would do. A bank with 3 month seasoning would be ideal.
Haishan
I recommend hitting up the national firms. For whatever reason there is this common misconception that people should look for lenders local to the property. No clue who started that but that is irrelevant. Most small local lenders have archaic systems and technology. The big boys are the big boys for a reason. Much better ran companies all around.
The majority of deals I do involve properties in Cleveland with a buyer in one state and a lender in a 3rd. No issues. Have sold $200M+ this way.
Investor · Leesburg, VA · Member since 2018 · 233 posts · 92 votes
5y
Take a look at local credit unions. They love to invest in their back yard and their underwriting/approval is usually straightforward since they keep their loans in house. My experience has been superb dealing with my local credit union. Additionally, they had no seasoning period on my BRRRRs, order a new appraisal and 80% LTV on the Refinance and close in less than 30 days. This was in the Panama City, FL market.