Investor · San Antonio, TX · Member since 2012 · 596 posts · 587 votes
12y
I have not used any of these contacts myself, but my clients have. Each of these banks hold their own paper and were recomended to me for local portfolio lending.
Investor · San Antonio, TX · Member since 2012 · 596 posts · 587 votes
12y
I have not used any of these contacts myself, but my clients have. Each of these banks hold their own paper and were recomended to me for local portfolio lending.
Real Estate Investor / Syndicator · Austin, TX · Member since 2013 · 210 posts · 135 votes
12y
@Seth Teel@Bryan Hancock@Lynn Currie Thanks for the recommendation. Called up a few banks such as RBank, Prosperity, Amplify and few more. All of them offer loan of the lesser between 75% Purchase+Rehab OR 75% of ARV. That means that i have to take a lot of cash out of pocket no matter what. Hard money lenders do 75% of ARV which is a great deal in terms of leverage. Is there any local Banks that offer first financing or refinancing based on 70-75% based on ARV ?
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
12y
Banks are likely to cap their loan to the lesser of those two numbers. Hard money lenders loan more with higher rates generally so that is your tradeoff. If your goal is to minimize cash in then you should probably work with a hard money lender instead of a small regional bank.