Looking for a refinance

[Lars Hasseler]

Thomas Edison said he found 2,000 ways not to make a light bulb. I can empathize. I believe I have finally found a lender who will work with my unique situation. I am attempting to refinance a hard money loan for a

1) bundled loan holding multiple SFRs

2) in my LLC (I'll personally guarantee it, but I want the LLC holding the loan and building that credit)

3) with no minimum loan per property or else a minimum of $30,000 or less

4) for a fixed rate at least 20 years or at least a 5 year ARM with amortization over at least 20 years if not 25 or 30

5) to me a Virginia resident, so an out of state credit union or bank would need to grant me membership as a non-local person

6) for properties in Alabama, so willing to lend out of state if it's not an Alabama bank/credit union

7) and is not a hard money lender (their rates are too high, I want 5ish or less).

Needless to say, it's tough to find a lender willing to accommodate all of these conditions. If there is even one condition which the lender can't accept, it was a no. I googled credit union, federal credit union, Virginia credit union, Alabama credit union, military credit union (I'm a vet) and the same for local banks. I emailed about 50 of them. One credit union, though it couldn't work with my situation, recommended another credit union: Southeast Financial Credit Union based in Tennessee. Several emails and a phone call later, I'm starting the process with that lender as the agent believes he can accommodate all seven. Maybe we hit a roadblock later, but so far, it looks promising.

Meanwhile, I ended up with a spreadsheet of 50 lenders who, while not fitting my current situation, may help me down the road and may help other investors. With enough research and referrals, I think there is a lender that will fit most situations provided you have reasonable credit.

[Kevin Hunter]

@Lars Hasseler, AWESOME!!!  I hope every person on here who asks for a refinance recommendation because they can't find one (but have only called two lenders) reads this post and learn from your process.    When I finally found mine in CT I had called or email almost 100.  It takes time but is worth it.

Well done and congrats!!