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Updated over 7 years ago,
Help finding bank to complete last half of my BRRRR
Hi Everyone,
I'm nearly complete with my full rehab of a SFH I purchased for $215,500, put approx $60,000 into for rehab and holding costs, and has an ARV around $330,000. Hard money loan for $200,000, the rest of the cash I put up myself. Original plan was to sell this property as a flip, but I'm exploring the option of BRRRR'ing since my long term goal is to grow my rental portfolio.
I understand my margin's are slim so I may not be able to pull 100% of my investment out when I do a cash out refi. If I could get 80% of my $330k I'd be happy.
I'm having trouble finding a lender who will do 80+% cash out refi without a long (6+ months) seasoning. Do any of you have banks you can recommend? BofA wont do a cash out refi until we've owned it for 6 months (we're just under 3 months now and will be complete with rehab in 2 weeks, dont want to wait that long). We're in the Seatle Washington area.
Current finances are...own one other home (using this as a cash flowing rental, will be my primary home in a couple years when we move back to the area), value=$700k with a $365k mortgage at a 3.1% interest rate so hoping not to refi this because the rate is so low. Strong w2 income from both my wife and I so qualifying for payments is not an issue and fico scores around 800.