Do Small Banks/Portfolio Lenders Lend Across State Lines?

[Matthew B.]

In other words, if I can't find a small bank to work with me in my area, should I start calling banks in different states?

I'm having a really hard time finding anyone who will lend on investment properties owned by LLC's. Also, everyone says it has to season for 12 months before lending on appraised value. I'm looking for more like 6.

Trying to get my piece of this mythical BRRRR strategy...

[Austin Fruechting]

Definitely! I use a smaller bank and the state line doesn't matter. Even though I get loans with my LLC's, I do have sign personal guarantees with them.

As far as the "seasoning time," that is a bank by bank thing.  My experience has been if it's 6 units or less all that has mattered is work is done and some of the units are leased up to prove viability of lease rates and I've refinanced within 3 months from close of loan to close of loan.  Typically 4-6 weeks to do the work, 3-4 weeks to get some leases signed, and 3-4 weeks to refinance.