How can I BRRR my 3-flat?
I am looking to pull cash out after rehabbing a 3-unit investment property. The purchase price was $285K at 75% LTV. I've called around to numerous banks and credit unions, the max LTV that they're willing to do is 75%. Fannie Mae lenders were even lower at 70%. My agent told me he can sell the building for $350K. However, if the property doesn't appraise for that value, there won't be much of a cashout. Any ideas on how I can find a lender that would do 80% LTV? Or should I looking into other types of lending options i.e. commercial, construction, lines of credit?
After acquiring the property, the units were all updated. Two units are leased out for $1,200 and $950. The last unit is on the market for $1,150. Rents were previously $650, $700 and one unit was occupied by the previous owner.
The property is located in Chicago. Thanks!