Looking for lenders to refinance my loan.
I am using the Brrrr strategy and I'm looking for an none traditional banking to refinance. Do anyone know of a lender that refinances?
I would recommend pursuing a DSCR loan as this type of loan is a non-traditional way to refinance - it looks at your FICO score as well as your property cash flow and does not require tax returns, verification of income, and does not consider DTI. It is a perfect exit strategy for the last steps of the BRRRR process - best of luck and happy to connect if you want to discuss further!
- Lender
- Fort Worth, TX
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@Anderson Hargrove if you know what you need but just need it in your area I would suggest reaching out to some real estate investors in that market. I mean, Bigger Pockets is great but if I need a plumber....it's just better to go local. Same with lending. There might be a good lender out there - but how do you know? But if a local real estate investor tells you, it may still not be foolproof, but it will increase your chances for success. I wrote an entire post on this that you can read HERE.
Thanks!
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Lender Texas (#392627)
- Guaranteed Rate
Quote from @Jack Mawer:
I would recommend pursuing a DSCR loan as this type of loan is a non-traditional way to refinance - it looks at your FICO score as well as your property cash flow and does not require tax returns, verification of income, and does not consider DTI. It is a perfect exit strategy for the last steps of the BRRRR process - best of luck and happy to connect if you want to discuss further!
I'll second everything @Jack Mawer said - DSCR is a great option for the reasons he mentioned, and I'm guessing one of them is why you want something non-traditional. Most lenders that offer DSCR loans can do both purchases and refis.
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Broker Ohio (#NMLS 2339224)
- Barrett Financial Group, L.L.C.
- 330-354-6590
- [email protected]
Quote from @Anderson Hargrove:
I am using the Brrrr strategy and I'm looking for an none traditional banking to refinance. Do anyone know of a lender that refinances?
I recommend conventional to all of my clients before DSCR because terms are better (lower rates, no PPP, etc). Depending on how long you have owned it, you are typically only able to refinance existing debt (no cash out). DSCR is the best option if DTI is an issue.
- 262.955.5168
- https://barrettfinancial.com/lzwirlein
- [email protected]
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- Dallas, TX
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Quote from @Anderson Hargrove:
I am using the Brrrr strategy and I'm looking for an none traditional banking to refinance. Do anyone know of a lender that refinances?
@Anderson Hargrove Why are you looking for non-traditional lender to refi? Hard to answer the best way to do it without knowing your situation. I see a lot of investors just assume they have to something non-traditional or creative when really they do not have to.
Quote from @Anderson Hargrove:
I am using the Brrrr strategy and I'm looking for an none traditional banking to refinance. Do anyone know of a lender that refinances?
Hey Anderson,
Could you elaborate why you need a non-traditional lender to refinance? A DSCR loan could work, but more info is needed.