Refinance with Mortgages already in name

[Derek Persuit]

Hey Everyone,

I've recently been looking into the Refi part of BRRRR strategy on a property of my properties.
I have talked to only one bank so far, a credit union. I have 2 other mortgages and they informed me that their policy is not to be the third lien holder. I inquired getting a business loan from them to which they told me the property would have to appraise for at least 90k (it wont).

When you have multiple mortgages and are trying to Refinance a property, where do you typically go? How do you convince a bank to lend to you? How many times have you refinanced?

I'm obviously going to try more banks to see who will work with me. I may have to pay a few visits each. I want to see what experienced BRRRR investors do with this step.

Thanks In Advance,

Derek P.

[Shaun Smith]

Depending on the HML you could refi up to around 65% or maybe higher depending on the lender. But like the bank the HML would want to be in First Position.