Cash out Refi Terms.... What is customary? Length of term?

[Bryan Crow]

I spoke to a local, Panama City, FL bank today about their willingness to fund my BRRRR project. I was told they would go 75% LTV at 6.25% with a 15 year amortization. There is no way I can cash flow with those terms. On rental property projects like this, have you seen banks do longer terms?

I plan to buy the house using all cash. 

[Curtis Harvey]

@Bryan Crow  If you ask a question 10 times you may get 10 answers.  If you only reached out to one bank, I would have at least called 10 lenders( regional banks, Credit Unions, and Conventional as well). They will all give you different rates and terms.  Do no let give you and answer and assume that all of them will give you that same answer.  I have had some quote me similar terms and other with better terms.

Something that is most important is there enough of a difference between the purchase price plus repairs and the ARV. Remember cash out refi is great but make sure it is within your investing strategy. It works great in the BRRRR strategy in cases when the force appreciation has value.