Refi Lender Vetting (BRRRR)

[David Leodore]

Hi All, I’ve been using the BRRRR strategy lately and would say that my most painful piece of the process is lender vetting. I’ve primarily been using one specific company here are the pros and cons: Pro: The refi mortgage does not show up on my credit report allowing for unlimited repeat scenarios They only look at the debt:income of the property I have a great relationship with their appraiser and can obtain the ARV before purchasing! The process is somewhat easy to navigate Con: The LTV is usually 65%-70% of the ARV The origination and misc fees are hefty The interest rate is HORRIFIC (high 7% to mid 8%) The problem that I’ve faced is that when going through other lenders with better terms, their underwriting process is more difficult and more importantly in one scenario, their appraiser came back with an appraisal that was $30k lower than “company A.” I could really use some advice on how you have all found cash-out refi lenders that help your business grow time and time again. Thank you!