I'm looking for a BRRRR-friendly lender who will help our company to finance buy-and-hold development projects (duplexes, triplexes, quads) in the Phoenix area. I'm specifically looking for a lender that has a short "seasoning period" and is willing to value a completed project at market value soon after it is completed and the units are leases. My current lender tells me that they require a year of "seasoning" time before they will assess the value of a property at "market value" as opposed to cost (land value + construction costs). If we need to wait a year before we can refinance and pull money out to use elsewhere, our BRRRR pace would be very slow. I look forward to hearing from lenders who can help -- or those who know them.
@Phil Carpenter We have programs that will allow you to cash-out to 75%LTV of appraised value after 90 days (if credit score over 700, will go to 70%LTV if credit between 660-699). AFter 6 months we will go to 80%LTV of appraised value. Rehab must be complete and property Rental ready (1-4 unit properties).
That's interesting, Dan. Would like to arrange a phone call to talk further and just sent you an invitation to connect here on BP.
Phil, I think I may be late to the party, nevertheless, maybe we can help depending your answers to the following:
-Your full name: First, Middle, Last
-Telephone: Office / Cell, email, fax, website if applicable
-Company name & legal form (Corp, LLC ,etc.)
-Funding amount requested
-Down payment amount
-Monthly Bills(Including rent or house payment)
-Gross monthly income(before taxes)
-Executive summary, brief overview
( all other project documents will be requested after initial review and expressed interest ).
Hope to hear from you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing