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Updated about 9 years ago on . Most recent reply
Looking for Delayed Financing Source
Hey all you BRRR experts out there....
I am looking for a source for delayed financing for a BRRR property. I purchased the property with cash 4 months ago, and want to finance it now (as opposed to waiting 6 months for a conventional refi) on a traditional, fixed rate, 20 year note. Property is in Indiana. The property is held in an LLC of which I am 100% owner (I'm willing to to a quit claim the property to me personally to satisfy underwriting requirements as long as that doesn't trigger a 6 month seasoning requirement).
Looking for a funding source that will lend at 70-75% appraised value, not just the purchase price. I paid $30k, invested $23k, and the property appraised at $80k. I am looking for at least 70% of the appraised value, or $56K.
Property is freshly rented on a 48 month lease with above-market rents.
Any suggestions on what companies do these loans based on appraised value rather than purchase price?
Many thanks.