>70% LTV for BRRRR anywhere?

[Joshua Woods]

Can anyone find a bank that will lend 75% on a duplex? I'm in Yuma, AZ and every bank I've spoken with will only loan 70% LTV since it's an investment and a duplex due to Fannie guidlines.

[Matt Devincenzo]

All conventional will have the same guideline, 75% LTV for rate/term, 70% for cash-out. So you need an alt-doc or commercial program to get a higher cash-out limit. Those come with a higher rate, but if it gets you where you need to go that may be better.

[Casey Roloff]

@Joshua Woods. Have you tried 1st Bank Yuma?

[Robin Hopkins]

Joshua, have you considered possible Private Money Lenders?  If I can ask, what is the purchase price? I may have a solution for you as I work with a huge vast of Private Money Lenders and I can check their terms and see but I just need to know what the purchase price is or at the very least the amount you plan to offer for the property.

[Reginald Truss]

Joshua, if you meet our guidelines we can give you up to 80% LTV, but it is up to you. How much money do you need by the way. Please let me know.

Reggie Truss

[Jack Oved]

@Joshua Woods i would agree with @Robin Hopkins, seems like private would be the way to go. We generally give higher leverages easier due diligence and quicker turnaround. Rate would go up, but if you are qualified we can slim that gap down as much as possible

Jack

[Joshua Woods]

 @Robin Hopkins:

I bought it at 118, thinking it will appraise for 170-180. Looking to get ~130 - 135 out.

[Robin Hopkins]

@Joshua Woods

Okay so you already own it now and you are just looking to get cash out is that what you mean?

[Joshua Woods]

@Robin Hopkins yep! I own it, bought cash for BRRRR.

[Joshua Woods]

@Reginald Truss

Looking to get ~130k out of a property appraised at 175ish. (Awaiting appraisal)