DSCR or other loan on BRRRR property

Chattanooga, Tennessee
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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DSCR or other loan on BRRRR property

Gina Shumway
Real Estate Agent · Chattanooga, TN · Member since 2020 · 21 posts · 15 votes

I am only a few short weeks away from completing my first BRRR! I am now on the search for a lender to refinance cash out. Some general info

Located in Chattanooga TN

My LLC owns the house outright (paid cash). Not sure if this is helpful to know.


If you know of a great lender that you have had the pleasure of working with, please send them my way or PM me their contact info. I greatly appreciate your help!

Gina Shumway

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Jack Mawer
Lender · Member since 2022 · 338 posts · 374 votes
3y

Congrats on wrapping up on the rehab for your BRRRR! Chattanooga is a great place for a rental, would love to learn more about your plans moving forward.

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  • Dominic Pizzi
    Lender · Freehold, NJ · Member since 2022 · 235 posts · 85 votes
    3y

    Hi Gina! Send me a PM, I would be happy to give you as much info as I can on the cash out refi you are looking to do!

    0Reply
  • Jonathan Taylor
    Lender · Los Angeles, CA · Member since 2017 · 916 posts · 647 votes
    3y

    @Gina Shumway you're on your way. Congrats on the first BRRRR. Happy to connect and find the best options for you.

    0Reply
  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    3y

    Would be happy to take a look! @Gina Shumway

    [email protected]413-348-8346
    Freedom Capital Funding, LLC523 Reviews
    WebsiteView Page
    0Reply
  • Adrienne Green
    Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
    3y

    @Gina Shumway Congrats!  That's awesome!  Are you looking for a commercial loan or a conventional loan?  On the commercial side, definitely a local bank.  Personally I do mine with FirstBank and TVFCU.  That being said, many I know work with and love their own local bankers.  @Austin Jameson has great commercial loan products, and I believe no seasoning period. A commercial loan will allow you to continue holding the house in an LLC.

    If you're going to do the conventional investment loan route, I like the Gabe Whitmer team at FirstBank.  They know investment loans very well.

    Also, I would recommend working to get it rented ASAP- if you have a lease, that can be used for the DTI versus the rent schedule on the appraisal. Your lease amount will likely be higher!

    1Reply
  • Jack Mawer
    Lender · Member since 2022 · 338 posts · 374 votes
    3y

    Congrats on wrapping up on the rehab for your BRRRR! Chattanooga is a great place for a rental, would love to learn more about your plans moving forward.

    4Reply
  • Austin Jameson
    Lender · Chattanooga, TN · Member since 2020 · 14 posts · 7 votes
    3y
    Quote from @Adrienne Green:

    @Gina Shumway Congrats!  That's awesome!  Are you looking for a commercial loan or a conventional loan?  On the commercial side, definitely a local bank.  Personally I do mine with FirstBank and TVFCU.  That being said, many I know work with and love their own local bankers.  @Austin Jameson has great commercial loan products, and I believe no seasoning period. A commercial loan will allow you to continue holding the house in an LLC.

    If you're going to do the conventional investment loan route, I like the Gabe Whitmer team at FirstBank.  They know investment loans very well.

    Also, I would recommend working to get it rented ASAP- if you have a lease, that can be used for the DTI versus the rent schedule on the appraisal. Your lease amount will likely be higher!

    Hey @Gina Shumway, I sent you a PM so please reach out if you have any questions!

    0Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    3y

    @Gina Shumway

    I like to use small local banks and credit unions near your rental property. I would definitely get your property rented prior to the refinance. I have used a number of DSCR loans and having the property producing income is a plus. Without a tenant in place then only projected rents are calculated versus actual rents.

    Based on how well your rehab went, I was always able to out pace market rent by my actual rent. This increased my DSCR ratio. My goal was always 1.25, but generally I would be in the upper ones and a few times I hit 2.0 or better. This gave me way better terms at the bank.

    2Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Can recommend you to mine. You will have to pull the cash out via DSCR or a commercial loan

    0Reply
  • Jayson Cain
    Lender · Manhattan Beach, CA · Member since 2017 · 423 posts · 268 votes
    3y

    Hi @Gina Shumway, I'm based in Southern California, but I have started my out-of-state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals.

    I've also helped other investors with their DSCR loans and flip projects. Happy to share my experiences and chat with you more if you're interested.

    0Reply
  • Adam Summerer
    Lender · Franklin, TN · Member since 2026 · 28 posts · 2 votes
    2d

    LLC free-and-clear Chattanooga BRRRR is a pretty clean DSCR cash-out story if the rents support the payment — ask for term sheets at ~75–80% LTV class and confirm they actually fund LLC vesting without a last-minute personal-name rewrite. Also price a short seasoning/delayed-financing style cash-out if you just finished the rehab, because some desks want the work 100% done and leased before they hit max LTV. Compare prepay and DSCR floor on two quotes so you're not stuck with one "relationship" number.

    0Reply
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