Refinance part of BRRR strategy
Just got off the phone with a lender who said they would not give 75% of appraised value on a rehab, but would only give 75% of purchase price + rehab so that I would still have skin in the game. This would ruin the BRRR strategy as it leaves original money in the house. Anyone else run into this? Is this typical or just look for another bank? Also, this was on a commercial loan as I am placing property into an LLC. Help?