Commercial Bankers won't give me my ARV. Anything else I can do?

[Chris Pohlson]

Hey guys. I'm in the refinance stage of my 4th BRRRR and I'm shopping commercial banking relationships. I'm running into a small obstacle. Most of the bankers I talk to want to make ARV the lesser of either my total costs into the property or appraised value. In this case I have $145k into the property and appraisal will be around $175k (not my best BRRRR but what do you do)

I've printed them the deal analysis using the BRRRR calculator here on BP (you know, the nice pdf and all), I've provided them market comps that support my cause...nothing seems to work. Policy is policy right?

At the end of the day it's a difference of like $24k cash back in my pocket.  Depending on your perspective, that's either a lot of money or a little.  I go back and forth.  I mean I could do a LOT of direct mail with that money.  On the other hand I understand I'm unproven to each person I sit in front of and I find myself asking what the relationship is worth.

I'm curious if some of the more experienced buy and hold investors had the same problem when first establishing their commercial relationships.

Do I just need to suck it up and establish the relationship at the lesser valuation?  Or do I push and search my *** off for a lender that will take the appraised value?  I see huge value in establishing a relationship with a local commercial banking partner sooner than later.

Thanks all. Always appreciate the insights.