Fayetteville (local) bank to fund BRRRR

5 Replies

All,

Seeking recommendations for local Fayetteville area banks to refinance a BRRR property. Anyone have any good (or bad) experiences? What LTVs have you seen (e.g. 70-80%)?

  I'm open to using a private money lender, however I also see intrinsic value in establishing a relationship with a local bank.  

Interested parties can message me directly for additional details, as required. I'm happy to share!  

Any input is appreciated!  Thanks.

-Andrew 

I use Lumbee Guarantee Bank in Raeford NC, for my flips, I work with Allen Davidson at that bank. I believe they have something for BRRRRs

Hey buddy I work in Fayetteville I'll message you.

@Matt Greer - Next time we talk, let's discuss this too. I need to get someone lined up to BRRRR that house we are getting!

@Andrew K. did you find a lender? Just curious if your profile is accurate (San Antonio, TX) and if being out of state has been an issue. Lumbee may be the best path, but I know some commercial side lenders have tightened the reins in the last 12 months. From a local bank's latest 10K: "Substantially all of our loans are to customers located in the immediate market areas of our banking locations …" I'm seeing more of this type stance lately and I don't think it's me. Even being a few counties away within NC appears to be getting more scrutiny. 

@Chris Martin , I haven't settled on a lender yet. So far the out of state aspect hasn't been an issue for me, then again I own two properties in the FAY area and have lived there the majority of my career (just moved to TX last summer). I think that I can display "intention" of returning to the area at some point. 

 I'm still in the early stages of talking with a couple lenders, seems positive so far. Then again, things can change--as you pointed out.  I'll be sure to report back on how things turn out!

Thanks!

-Andrew

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