BRRRR Refinancing Hard/Private Money Loans
I have contacted several commercial and local banks and they've all told me they don't refinance hard or private money loans after BRRRR strategy properties. Can someone educate me on this process and what types of banks to seek look for? Any information would be greatly appreciated.
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D'juan is the property a residential property or a commercial deal? This is critical as the lender will be very different in their criteria. I recently did my first BRRRR project on a six unit in Cicero, and I learned the hard way most commercial lenders want you to hold the property for two years or more before they will consider refinancing based on the ARV. Otherwise, they all wanted to loan on the LTC (loan to cost). My local bank ended up being by far the best option as they will complete the refi at 80% LTC.