Hi, I am an out of state investor from California investing in Jacksonville. I'm closing on a property this week that I'm planning to BRRRR with. I've contacted a few credit unions in town and none seem willing to lend to an out of state investor for a cash-out refinance.
What are my options? Do I need to just find a national bank or portfolio lender at this point? I'd like to avoid that as there are higher interest rates but if that's the only option, I'll bite the bullet.
Any out of state investors here with the same experience?
Jacksonville in what state?
Try Center State Bank they do cash out refinancings for out of state investors.
@Alexander Felice Jacksonville, FL
I am in the same situation. Is there a loan officer recommendation from BP?
After researching Fannie rules, I realized I had to wait for the full 6 mo before refi can happen.
@Phillip (CJ) Yu you do, unless you bought the property cash and are interested in recouping part of your initial investment.
@Raymond J. Rodrigues I did buy it all cash. I didn't put rehab cost in closing docs so that doesn't really work for me on this one.