DFW refinance referrals for BRRR strategy

[Douglas Rice]

Dallas Texas Buy and Hold investors. What local banks or referrals do you have for refinancing usIng the BRRR strategy.

Would love to hear about rates, 75% LTV, 80% LTV and what type of seasoning you are getting and where.

Any local bankers on here who want a free lunch to discuss please hit me up.

Thank you in advance.

[Ryan Blake]

@Douglas Rice

A few follow up questions:

What city is the property located or if you don't have any properties, where do you intend to buy?

How long have you had it or how long do you plan to hold it before refinancing?

Is the property currently financed or do you plan to finance the property at purchase (hard money, private money, another traditional mortgage)?

I know of a lot of banks that offer products you are talking about but I need to know more specifics before I can give you actual info.

[Douglas Rice]

I am trying to focus north of 380 from Denton to Anna. I have a SF in prosper and a 3/2 SF under contract in Pilot point. Using hard money for that one. Close next Tuesday. Also have outbof state properties. 

[Ryan Blake]

@Douglas Rice Most of my contacts are over in Tarrant County but Gateway Mortgage does cash out refis all over the state. I can personally vouch for @Andrew Postell. He is a great guy and will be able to give you more details if you want them. I don't believe they have a seasoning period requirement.

If you are ever looking for hard money again, let me know. I would love to have a chance to bid a job for you.

[Douglas Rice]

I am currently at 2 points, 10% and $885 processing. Can you beat that and do you require appraisal and builders risk insurance to close?

[Ryan Blake]

@Douglas Rice That is basically the same as what we offer.

I think every hard money lender requires and appraisal and some kind of insurance policy on the home. If they don't require that, then I would say you are working with a very shady company. Always be leery any time a company isn't worried about protecting their investment. Any reasonable person/company would want to make sure that the property is going to make money for the client (appraisal) and that it is protected from damage and theft (insurance).

I really hope you are not thinking of buying a property without insurance.

[Douglas Rice]

I’m not, that came across wrong. Was just stating what my current deal is. 

[Ryan Blake]

@Douglas Rice Good. I am very happy to hear that about insurance. I just wanted to make sure you weren't going to get a property without insurance. That would be quite a gamble. 

We offer the same. If its not broke don't fix it. I would just stick with what you have already lined up. The only thing I know that we do that other's may not is:

- 100% financing for the purchase and 100% financing for the rehab (Loan to ARV of 75%)

- Have people like me (fellow active investor) as a resource to borrowers to answer any rehab questions, get lists of contracts who we have done work with, and be a general resource through the whole process from deal analysis, purchase, rehab, and final closing

[Alex Bekeza]

Our brokerage is based in Los Angeles but we broker financing from several nationwide lenders who extend funds to DFW and Texas as a whole.  

We specialize in commercial style loans that are based off of the property itself rather than borrower Debt-to-income.  Tax Returns not even typically required. 

70-80% LTV. 30 year terms, fully amortized with rates in the 6-8.5% range. Non Owner Occupied Only.

We'd be happy to dive into your refi scenario and lay out some options.  Feel free to reach out. 

Side Note: The biggest hard money lender that we originate for does not require an appraisal. They save the borrower some money by performing their own BPO. It's pretty standard on HMLs under $1 million. A standard appraisal usually doesn't make sense when you're lending based on ARV of a distressed property.

[Edmundo Gamas]

Douglas:

We can provide the funding you need. Please call or text me at (305) 607-2104, or send me an e-mail:[email protected]

Edmundo.