Refinancing Long Distance BRRRR Deal Right Now, Can it be done?

[Coty Dolan]

Hello BP Family,

I am currently rehabbing a Long-Distance BRRRR Deal in Tampa, It is a SFR 2/1.

So far so good on the process, rehab is going great, I am under budget, for now, Pre Rehab appraisal was solid, and we are ahead of schedule. I should have it rented by mid to late August for between $950 - $1,100/month. 

I wanted to get the jump on my refi, so I went into my commercial bank to speak to a lender about what it will look like. I am planning on speaking to any more lenders, of course, however, the scenario I was given by this bank was not great. 

They are only offering HELOCs on homes they hold 1st position on, they require 740+ credit (I am around 700), they are only doing 70% LTV, and they are not doing Cash-out refis on Investment properties.

I was told all this is fluid and can change by August, I am going to continue talking to lenders to see their criteria. But I wanted to know what has everyone's experience been with this right now?

Thank you so much for all your input and support. 

[Anson Young]

Smaller, local banks have been the best bet for those I know who have refinanced lately.  @Andrew Myers recently made a note on this in the BP facebook group.