Currently renovating my first BRRRR property and looking for a bank that will let me cash out 75% LTV without a 6 month seasoning period...anyone have someone local I could use? I'm getting no's everywhere. (some national, some local)

Chad,

Have you tried Bank of Zachary yet?

@Chad Mayo could you provide some numbers for us please?  Did you buy the home with cash or with a loan?  If you did buy with cash, what did you pay for the property?  How much do you think the property is worth now?

@Jeremy Stroud I have not tried them yet. Have you used them before?

@Andrew Postell Sure thing...I paid $57K for the property. Used cash from a HELOC on my personal residence. Will be putting the rehab on some 0% interest credit card and/or cash. Rehab will be about $30K. The ARV for the 3Bd/2Bth 1,350 sq. ft. property is $145K.

I recently used them for a commercial loan to purchase some investment property, It wasn't specifically for renovations or anything. But they were pretty easy to work with and helpful along the way. 

Worth a shot. I worked with a guy there by the name of Josh Prejean if you want to ask for him. 

@Chad Mayo yeah, you will not have success with a "conventional" lender.  Meaning a lender that uses Fannie Mae or Freddie Mac (if you recognize those names) to govern their mortgages.  The good thing is that most banks will have "portfolio" options.  Meaning, money that comes from their own portfolio of funds.  Those loans are regulated by the bank itself.  So each and every bank's portfolio loan will be governed differently from the next bank's portfolio loan.  In order to find your loan you will literally have to call each and every bank.  Or, reach out to some brokers about the loan type.  Caution, brokers may not have a relationship with every bank so you may STILL have to call all the banks.  And I'm being literal here.  Calling 200 banks is not unusual for most investors.  Even seasoned investors are always looking for better financing options.  Smile and dial. Hope this helps.

Very good info. Thank you @Andrew Postell

Chad, is your property located in a rural or metro area?

@Lathea Morris its in a subdivision in suburb of Baton Rouge.

I may have a product for you. Please PM so I can send you details.