I'm on the third R in the BRRRR strategy (Refinace)

[Bobby Valcin]

I have a property in Florida where I have a tenant moving in this coming Friday. The property was purchased through an LLC. I reached to the hard money lender that I used to purchase the property (Lima One) and was a bit disappointed with the interest rates on a 30 year fixed refi. With a 700+ credit score, the interest rates are 7.25% at 75% LTV and 7.8% at 80% LTV (I'm looking to do 80%).

I'm not exactly an expert in this area, however, the interest rates seem rather high. My next step was going to be to basically call a bunch of the hard money lenders on the BP list to try to find better rates, but before I go through that lengthy process I thought it would make sense to see if anyone on BP could point me to a lender or two that might be more competitive on refi's out of hard money loans. I rather tap into someone else's good experience than call a bunch of random lenders.

[Brian Garrett]

I'm assuming you don't qualify for conventional financing?

If you do then you should refinance into a traditional Fannie/Freddie agency loan.

If not then you should call all the small local banks and credit unions in the area.

Ask to speak with whomever handles their commercial/portfolio loans and compare the terms.