Does anyone have suggestions for banks to work with doing an ARV refinancing? I've spoken with 15+ banks and actually done deals with 3 of them. Each bank said they would do an ARV refi but then only rolled over the 75/25 on the actual dollars spent on that deal.
Is this a real thing?
I've gotten up to 17 properties and have been selling them off because I grew equity rich and cash broke with my local banks not following through on the ARV refi program.
Any suggestions? Action plans?
I would recommend Centris. They have a commercial side and they definitely work with investors who want to refinance based on the ARV amount. You'll have to pay for an appraisal, but it is worth it.
Try American Interstate Bank. I have done a bunch of them there. They do in house valuations up to $250K too. I have done 85% LTV there on sfr, although not sure if they do that for new customers.
Malvern Bank will do them too (Malvern, IA).
I just refinanced with Cobalt. I had to get an appraisal done, but they lended out 75% of the appraisal value. They have a 25 year, 10 fixed loan structure and appealing rates. They just get a little pricey on the closing costs and lending fees.
Connect with Nancy Thompson at Access Bank. They could be a good fit for what you're looking for
Ozzie I have a lender that will do Refi's on a 30 year term to give you great cash flow and with 3 year pre-payment penalty in case you decide to sell. ARV is 75% of the appraisal, plus 2.5 points at closing. I work with several lenders contact me .