So far I'm finding banks that will lend 75% on the sales price, not the ARV. Anyone here have a bank they use for BRRR?
Lenders require a hold period due to underwriting requirements from regulators. Most lenders are looking for 12 months of ownership.
Your best bet is use cash or hard money when you buy and rehab, and after about 6-12 months refinance, depending on the bank they can do a conventional on 80% of the appraised value then!
I've been using the Moore Team - they'll do 75% LTV on the rehabbed appraised value after 6 months.
I work with Bob Nolan there - he's great!