My Bank Ran Out of Money

7 Replies

This title is not a gimmick. My bank ran out of money. I emailed my lender asking about a new property I put under contract, and he said, "We are totally out of money. We can't make a loan to anybody."

I'm not surprised. This credit union does 80% ARV loans without caring about the purchase price! If you're savvy, you can see why they ran out of money haha. It was a good thing they had going.

So, what I'm looking for now is someone who can refinance quickly. I have a smoking deal with $115K ARV and $75K Purchase price. The great thing is this property is already fully renovated and rented out, so I don't need to do a thing to it. My game plan is to purchase the property and then refinance quickly to capture that equity!

Does anyone have a lender that does no seasoning periods on a refinance? OR a portfolio lender who can do something similar to lending 75% ARV (zero down, cash at closing). I'm not asking too much! I know it's out there haha.

By the way, I'm in Lubbock, TX. :)

Thanks

Austin, I'm very familiar with this situation, and I know exactly which bank you're referring to. I would look at Happy State and Trey Weaver. They refi-ed a property of mine at 85% ARV in about 3 weeks. I'd also take a look at First United Bank, I believe my realtor mentioned they were now the source for quick refi's with ARV loan options. Don't quote me on the second one, but I'm fairly sure that's accurate.

Originally posted by @John Claborn :

Austin, I'm very familiar with this situation, and I know exactly which bank you're referring to. I would look at Happy State and Trey Weaver. They refi-ed a property of mine at 85% ARV in about 3 weeks. I'd also take a look at First United Bank, I believe my realtor mentioned they were now the source for quick refi's with ARV loan options. Don't quote me on the second one, but I'm fairly sure that's accurate.

 Awesome!! Thanks for the leads. Why have we not met yet? Haha

@Austin Hughes, I think Brent mentioned the other night that a bank in Leveland had a similar deal to what our favorite bank did. I will check on which bank that is.

@Austin Hughes reach out to Tyler Vernon at First State Bank Shallowater. They will do 80% of appraised value or 80% of as-complete appraised value depending on your situation. I just completed a refinance with them under these terms.

Originally posted by @Garrott Nalle :

Austin Hughes reach out to Tyler Vernon at First State Bank Shallowater. They will do 80% of appraised value or 80% of as-complete appraised value depending on your situation. I just completed a refinance with them under these terms.

 Thanks! I'll do this ASAP once contract is finalized. 

Originally posted by @Joan Brown :

@Austin Hughes, I think Brent mentioned the other night that a bank in Leveland had a similar deal to what our favorite bank did. I will check on which bank that is.

 "Our favorite bank" hahaha. ;)
Hopefully we get a second shot once they get more money soon...and let's not spread the word too far this time so we can use it hahaha

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