Seeking a recommended lender for refinance

4 Replies | Chattanooga, Tennessee

I'm looking to do a cash out refi on a property of mine in Chattanooga. I'm located out of state so don't have any local lender contacts. Hoping for someone experienced working with out of state investors. Doesn't need to be local to Chatt, but needs to be licensed in TN. Any recommendations? 

@Sam Mitchell I'm based in CA too and coincidentally my sister lives in Chattanooga.  It is a brick and mortar state with it's own specifically unique lender/broker laws.  However, hopefully this breakdown helps a bit:

If you're looking for a conventional loan you'll need to find a lender/broker who is licensed and physically present in TN. 

If you're looking for an asset based product (commercial style, non qm, DSCR based, etc) you can often work with brokers from outside of TN, say CA, who are registered with banks/lenders with a physical presence in TN. I turned down a lot of deals in TN from BP contacts before realizing this.

I know it's a bit confusing so feel free to reach out with additional questions. 

Are you looking to go full doc conventional or utilize a commercial product with short seasoning requirements, LLC vesting, and no DTI requirements?

@Sam Mitchell

We use elements financial credit union for conforming or Altra financial credit union for non conforming loans. Send me a message if you want our contacts there.