Looking for BRRR-friendly lender in Phoenix

3 Replies

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).

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
-Address: Street,city,state,zip
-Company name & legal form (Corp, LLC ,etc.)
-Funding amount requested
-Down payment amount
-Property type
-Property location
-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

Reggie Truss

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