BRRRR Friendly Lenders?

Question

I'm looking to gather a resource list of BRRRR-loving lenders for North East Ohio. Seems like most of the places I've contacted either want a long seasoning period or will only do personal loans and won't work with our LLC. Does anyone have suggestions? Thanks for helping the newbie out!

Dan Gamache · Answer

@Nichole Catalano-Miller @Alex Palma I can go to 75LTV after 90 days on cash out refi. Have product coming out soon that will start out as a fix n flip loan and then convert to 30 year program (will allow for cash out) once property is rental ready all with one closing.

Alex Bekeza · Answer

@Nichole Catalano-Miller I launched www.brrrrstrategyfunding.com for this exact reason. I've seen too many people run into this issue. We have 90 day seasoning programs nationwide that will allow you to cash out as high as 75% if you can meet DSCR requirements.

We have no problem vesting title in your LLC.  We don't collect tax returns on these types of deals as their strictly based on your FICO, experience, and the properties value/cash-flow.

*I'm submitting a deal in California this week with zero seasoning.  Unique circumstance x portfolio lender. All cash purchase of a leased property.*  I know it's not a true "BRRRR" but pretty cool technique when you buy a stabilized property well under value all cash.

Alex Bekeza · Answer

@Alex Palma Yes sir, feel free to reach out anytime.

Nichole Catalano-Miller · Answer

@Jason DiClemente the refi. We do all cash buy ins/rehab.

Andrew Syrios · Answer

It's a requirement for Fannie Mae for the property to be in an individual's name. Each person can get up to 10 Fannie loans, but there are loan products that aren't backed by Fannie. You just need to find a bank that is willing to "portfolio" the loan. I would ask around other investors you know and keep looking.

Alex Bekeza · Answer

@Alex Palma My pleasure, just wrote you back.

Alex Palma · Answer

@Alex Bekeza thank you. Sent you an email through your website

Nichole Catalano-Miller · Answer

@Dan Gamache That looks great, thank you!

Nichole Catalano-Miller · Answer

@Alex Bekeza Appreciate the info! Thank you.

Alex Palma · Answer

@Alex Bekeza do you lend in Florida?

BRRRR Friendly Lenders?

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