I am looking to use the BRRRR strategy to acquire rental properties in the Pittsburgh area. I have come across a few properties that I am very interested in, but wanted to find a lender in advance to ensure I will be able to refinance the property once its rehabbed and rented.
I will use private money/hard money for purchase + Rehab and would like to refinance as soon as possible to pay back loan. I have been making a number of calls to lenders in the area and was wondering if anyone can refer me to someone they have worked with?
Could you tell me more about the type of properties? Purchase price, rehab budget and arv?
@Zeshan Choudhry Try S and T bank. They are investor friendly.
I use S&T Bank and Ameriserv Bank here in Pittsburgh for my rehab refi's. If you are still looking for a lender let me know and i can introduce you to my contacts there to see if they can help you.
@Zeshan Choudhry you can also try a mortgage broker. I work with one that has access to 15 different banks. Brokers have more programs available to them and they can find you a lender quicker than you can on your own
Thanks @Alex Deacon and @Stephen Daniele
I have contacted S&T bank, who would like to assess the property once stabilized to determine if they can do the refinance. I know many investors in the area had success with them so I am hoping it works out. I am about 2-3 weeks away from completing the rehab
What are the advantages/disadvantages to using one out of state lender for all transactions?
@Matt Tatkow I dont see any disadvantage as long as that lender can get the job done and the rates are within reason.
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