Strategies For Submitting Loan Packages in 2020? BRRRR Refi!

[Wayne Yahnke]

Hello BP Fam,

Looking on advise for my current refinance situation. 

Heres what I have so far:

Standard Loan Docs ready (income, bank statements, taxes etc)

BP Calculator on current investment (BRRRR) completed and saved as a PDF

Dilemma: heavily leveraged with a HELOC and a 2nd Mortgage. The Refi would clear both of these loans. These loans funded the purchase and rehab.

Does anyone draft a bio and/or a business statement?

Goals?

I have 3-6 months in savings for my properties. How do I show that?

Any advise would be helpful.

Thanks in advance

[Stephanie Medellin]

@Wayne Yahnke I am seeing several lenders add requirements for additional reserves in order to use rental income, usually 6 months PITI for each property. Without the reserves, they are not allowing rental income to be used to qualify because of the expectation that tenants are not paying rent right now. You would show the funds on your bank statements, or other asset statements.