BRRRR trouble with refi
My wife and I are new to the game. We flipped two properties but are now using the BRRRR method on a SFH. Everything has gone well, we have tenants lined up, but now we can't find a bank that will give us the full 75% of the houses value in a refi. House value is 265k but the most we've been offered in 126k. Has anyone run into this before? Advice?
Thanks,
Bryan
Talk to more banks. Community banks are great. @Damion Cole & his team can probably help, reach out to him.
There are "bank alternative" lenders who will do permanent refi loans up to 75%.
Ryan, thanks for the reply. Are you talking hard money lenders or something else?
Not hard money. Hard money loans are meant to be temporary, usually 12 months.
I'm talking about lenders who do permanent loans for multiple years but don't have as strict of underwriting guidelines as banks. They are more willing to consider scenarios that banks would deem too risky.
That sounds good to me. Can you give me more guidance as to locating such a lender?