BRRRR SFR lending in an LLC
I purchased (2) SFR's about a month ago in the Aiken, SC area to do my first BRRRR strategy on. Both were cash purchases and i'm also funding my own rehab. I have 2 different contractors working on them and they'll both be completed about 2 weeks apart. I'm trying to find a lender to do a cash-out refi at 75% LTV. One local bank will do 75% CTV but not LTV on a 36 month baloon @ 4.6% amortized for 15yrs. Doing this, I'll still have money in the deal. I've found another that will do 65% LTV @ 4.8% fixed on a 20 year loan. At the 65% LTV, I'll only be cashing out about $5,000 at closing. How do these numbers compare to what you are seeing in your market?