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35
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Ryan Porter
  • Real Estate Broker
  • Jackson Ms
26
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35
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Lender Options for a nice BRRR

Ryan Porter
  • Real Estate Broker
  • Jackson Ms
Posted

I picked up a lovely duplex in Clinton, MS. It should be fixed and rented within a month or two. Can anyone recommend a lender that offers refinancing for investment properties with a 30-year amortization? It seems the only way to make the numbers work decently with these interest rates. 

  • Ryan Porter
  • [email protected]
  • 601-238-6620
  • Most Popular Reply

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    Erik Estrada
    #3 Mortgage Brokers & Lenders Contributor
    • Lender
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    Erik Estrada
    #3 Mortgage Brokers & Lenders Contributor
    • Lender
    Replied
    Quote from @Ryan Porter:

    $170,000 ARV

    I would like to pull $130,000. I am fine doing a 5-year ARM with a 25 or 30-year amortization rate. ( I hope I am using the correct lending terms lol).

    The lease will be for $1.700


    $130,000 would be a bit over 75 LTV. While you can do an 80 LTV cash out, the terms won't really work well.

    Assuming you have a FICO over 720 and the taxes and insurance aren't insanely high, you should comfortably be able to cash flow at a $127,500 Loan Amount. Rate would likely be at 6.875-7.375% depending on your prepayment penalty period and seasoning period. 

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