NJ Portfolio Lender or Private Lender Needed for Refinance

[George Bittar]

I can't seem to finish off the second to last step in the BRRR strategy!

Having difficulties refinancing with local banks due to deed in LLC and seasoning requirements since the property is owned less than 1 year. I need to get out of the HML asap that was used to help acquire and rehab this property. I need to go to 75% LTV of the appraised value in order to pay off the balance to HML and recoup my down payment and holding costs. Any help is appreciated!

The only glimmer of hope I recently had was with a portfolio lender that was referred  to us, but as our application was getting finalized they discontinued this type of financing in their loan offerings. They still took our deal to credit committee review since they were honoring the deals in the pipeline that had applications in, but I feel they found reasons to decline as they are phasing out this business in their portfolio and had easy out to not proceed.

[Michael Noto]

@George Bittar I work with a lender that lends in NJ that will lend with title held in a LLC and they will lend up to 75% LTV as long as the DSCR is at least 1.2 for 1-4 families and they will even lend on townhomes and condos also that meet the minimum DSCR.

Their seasoning requirements are 30 days to use appraised value for the cash out refi so you should be good there as well.

PM me and I will get you over some details on the program they offer which has a 30-year term.

Also, I am not sure if the property is in NJ but if it isn't they can likely help you anyway because they lend in 34 other states.