Local Bank to Refinance

[Jordi Valado]

Hi All, 

Does anyone have a local bank in Memphis they would recommend for the refinance portion of a BRRRR deal? I would like to know a Max LTV number for the area. I am currently using the recommended 70% but I was wondering if there is anything higher out there.

Thank you,

Jordi

[Brittany Minocchi]

Can't recommend a local bank, but a few things to think about…will you have any issues with income docs or employment history? Is DTI still in a reasonable range? Are you looking to close in your name or the name of an entity, like an LLC? A debt service loan may be an option for you as well. Much less documentation is required than a conventional loan and qualification is based mostly on the property instead of the borrower. Lender wants to see that rents can cover or exceed your monthly payment. They used to have much higher rates than conventional, but I'm not finding that to be the case recently. Depending on the property and scenario, you may be able to go up to 75%. Hopefully that helps a bit! Happy to chat if you'd like to connect.