Out of state financing of investment properties
I am buying rental properties in Saint Louis Missouri. Specifically, I target single family homes in North County. I am looking for financing options. My partners have properties in other states and have never had issues getting a local bank to do the financing but so far we haven't had much luck in Saint Louis.
We purchase and renovate with our own cash and we are looking for a lender that can do a cash-out refinance.
We are looking for a 5 year term 20 year amortization. 5-6% interest. 80%LTV. We have strong financials and will give personal guarantees on the financing. With all this we are typically being told that because we do not have a local member that we can't get approval.
Has anyone had success finding lenders to work with out of state investors?
Any strategies to find private funding?
Would long term hard money work?