Fix and Flip or BRRRR Bridge loan funding in 'rural' areas

[Stephanie Southerland]

Looking for Bridge loan lenders for fix and flip or Brrrr properties. Some lenders are pulling out of 'rural' areas either completely or requiring up to 40% down, and I am wondering if there are any out there that specialize for a more rural type of market? 

[Robin Simon]

I would look for standard single family homes (anything multi unit or unique makes comps tougher) that can be backed up with strong recent sales comps and low net adjustments on an appraisal. Every lender is different, but generally we are OK with more rural properties that are SFR, not too too rural, and have an appraisal with three recent comps that are A) less than five miles away B) sold somewhat recently, last few months and C) net adjustments less than 20%, preferably less than 10%. Its also best if its cash flowing (DSCR >1) and in a decent sweet spot of value (not too small nor too big, I'd aim for properties worth somewhere between $250k - $450k for rural)