HELP WITH BRRRR IN MEMPHIS TN.

[Martez Bynum]

Does someone knows were a good bank is in Memphis tn. to go for a BRRRR?

[Mike Dorneman]

@Martez Bynum Any and all Banks will BRRR. However they aren’t going to call it that, nor will they likely know the acronym. All banks would be happy to refinance a property that has equity in it. What you need to find is a bank that offers the LTV you are looking for and allows you to refi within the seasonality timeline that you are currently in. Best option is to attend a local RE meetup and ask around. Try to search on Facebook and you should find one. If not, start one.

[Martez Bynum]

THANK YOU!

[Jack Inman]

@Martez Bynum  I use BankTennessee for my personal deals. The main things you need to ask about are seasoning time and the percentage amount that they'll let you pull out during the refinance. Most banks will allow to pull out 75% of appraised value, but if you are good at negotiating, or have built up credit with the bank you can sometimes pull out 80%. 

It's also important to keep a detailed record of all of the improvements that you've made to the property. Also, come with comps justifying whatever appraisal target you are trying to get.