Updated about 8 years ago on . Most recent reply
Trouble Finding Good Lender to Refi Our Portfolio
My partner and I decided to Team up and invest in his home market of South Jersey. We recently bought 6 cheap properties up there and have 4 rented so far. The goal of course is the BRRRR strategy - Buy, Reno, Rent, Refi, Repeat. Spoke to handful of lenders so far bout the refinance and they are all mentioning 12 months of seasoning.
My main market is Miami so I don't know ANY lenders up north. However, I'm SURE there has to be a lender in the area with a shorter seasoning requirement than 12 months!. Also the properties were all really cheap but should appraise for about 50-60k once fixed. But as the refi only gives you 80% and most lenders don't do loans under 50k we were hoping to find a portfolio lender so we can group a bunch of them together at once when we did the refi!
We have a bunch of investors that want to invest with us I just need to get the final step to the BRRRR process in place! Any advice on how I can go about finding such a lender in the South Jersey market would be greatly appreciated! HELP!
Most Popular Reply
@Jason Vanterpool - You can try 1st Constitution, 1st Colonial Community Bank, Monroe Savings Bank, First Bank of NJ, Franklin Mint Credit Union, and American Heritage Federal Credit Union. All of these places work with investors in South Jersey and may have something better for you than what you're currently getting.
Again...I'm referring to the commercial lending departments as that's how I do all my financing. Not sure at all how they would handle traditional financing.