Good Day my New England Friends! I am based in Massachusetts. I have a vacation rental property in Cape Cod and I have the itch to grow. My strategy is to build my portfolio by following the BRRR method for vacation rentals in Cape Cod, and Multifamily long term rentals in Southern Massachusetts. For the next few properties, I plan to use a mixture of equity in my current home and a hard money lender to acquire the properties and perform the rehab. At the end of the renovation, I'll be looking to do a cash-out refi with a portfolio lender that will do LTV, not LTC.
Does anyone have any lenders that they've used in Massachusetts that they would be comfortable connecting me with?
Thank you all! Be well, stay safe, and keep crushing it!
There arent any residential lenders working with those investment cash out refi or line of credits now (believe me, I've looked high and low), you'd have to switch your loan to commercial and East Boston Savings Bank does a lot of business in that arena.
@Lien Vuong thank you for your response! So for this scenario, your recommendation would be to look for a commercial loan?
Yes I would, try a local Cape bank thats familiar with that vacation industry and see if you can extract some funds.
If you are considering a hard money lender that will do LTV you can PM me. The rates I have access to come in just below hard moeny. They also do portfolio/blanket loans. Worth a chat to see if it could fit into your investment stategy.
How long will your rehab process take? Seasoning period may come into play depending on when you are trying to refi
@Tarik Turner rehab will take about 3 -7 months depending on size and scope. I’ve begun to find lenders which is great! Seems like the typical seasoning period is 6 months, though I’ve found one with no seasoning period.
Good morning David. We are starting our journey to build a RE portfolio in southern MA and possibly Cape Cod and searching for lenders also. You mentioned you have found lenders. Do you mind sharing? Thanks so