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Updated about 6 years ago, 11/05/2018

User Stats

26
Posts
10
Votes
Martez Bynum
  • Memphis, TN
10
Votes |
26
Posts

HELP WITH BRRRR IN MEMPHIS TN.

Martez Bynum
  • Memphis, TN
Posted

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

User Stats

345
Posts
365
Votes
Mike Dorneman
  • Rental Property Investor
  • Drums, PA
365
Votes |
345
Posts
Mike Dorneman
  • Rental Property Investor
  • Drums, PA
Replied
@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.

User Stats

26
Posts
10
Votes
Martez Bynum
  • Memphis, TN
10
Votes |
26
Posts
Martez Bynum
  • Memphis, TN
Replied

THANK YOU!

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User Stats

130
Posts
104
Votes
Jack Inman
  • Attorney
  • Memphis, Tn
104
Votes |
130
Posts
Jack Inman
  • Attorney
  • Memphis, Tn
Replied

@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.