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Updated about 2 years ago,

User Stats

431
Posts
139
Votes
Cory Lucas
Pro Member
  • Rental Property Investor
  • Brighton, IL
139
Votes |
431
Posts

Refinancing options, local lender changed their policies

Cory Lucas
Pro Member
  • Rental Property Investor
  • Brighton, IL
Posted

So, I was getting really favorable loans from a local bank. They would finance purchase price on a BRRRR, repair costs, and if I did my figures right closing costs too and I would rarely be out of pocket. Now they've changed to where they're only doing 80% of PP and repair costs, so I'm out of pocket much more and they're telling me they "might" refinance after fix ups, cause they want investors to have more skin in the game. Which is fine, but I feel I should have more options out there and it's a little disheartening for there to be uncertainty there. I have my properties in an LLC, they're currently on 5 year ARMs with a 20 year amoritization.

What are my options? Stay local or is there a nationwide lender that does investment loans? Quit claim to my personal name to obtain better financing options? 

Let me know of other questions I can answer to help...

Thanks in advance for any and all help/feedback

  • Cory Lucas
  • Loading replies...