BRRRR, cashout refinance help!!
Current BRRRR
deal. I get caught up in the
refinance part. I have found that most local banks in the Prince Georges County, MD
area are not interested in this type of deal. Anyone out there have any
leads for property refinance - cash out? Currently have 1 single
family home in Fort Washington that have been rehabbed and currently screening tenants. Any
help greatly appreciated!
What reasons did they give you on why they won't? I would continue to ask banks/local lenders. If there is any local meetups or FB groups I'd use those to ask around.
Definitely reach out to others in your community to see what they did! Did they give you a reason as why they do not want to refi your loan?
Broker here. as long as it cash flows and appraises you should not have a problem. I would skip the big banks
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HI Elizabeth- would love to connect and help!
Quote from @Eric Goldman:
Broker here. as long as it cash flows and appraises you should not have a problem. I would skip the big banks
Hey @Eric Goldman - Big banks don't like cash-out refi's or just because a 70-75% LTV? Would love to hear more detail here.
@Mitch Larrivee, I have never had a great experience with a large bank, PNC, TD bank, Bank of America ETC. Most like larger loans. turn times horrible.
Small local banks seem to be the best avenue if client can qualify based of DTI and DSCR. I have accounts with PNC and TD and did not even use them for my primary purchase.
Would also check out local credit unions. Have had clients in the past use them and have received better rates due to their not-for-profit organization standing.
@Elizabeth Munene you want to checkout your local community banks and credit unions to see what commercial loan products they offer. You can also checkout residential capital partners based out of Dallas, TX. I am currently refinancing a property in Alabama with them.
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Quote from @Elizabeth Munene:
Current BRRRR
deal. I get caught up in the
refinance part. I have found that most local banks in the Prince Georges County, MD
area are not interested in this type of deal. Anyone out there have any
leads for property refinance - cash out? Currently have 1 single
family home in Fort Washington that have been rehabbed and currently screening tenants. Any
help greatly appreciated!
Hey Elizabeth, I'm local to the area and also own a property in PG County. Do you know why they're not able to refi the property? They may want to see that it's rented when they do the appraisal. Happy to chat if you'd like a second opinion from someone local.