Who Offers Investor Cash Out Refi or HELOC in Your State? -BRRR

[Demetrius Davis]

The entire BRRR strategy is contingent on being able to refinance investment properties. For newer investors who have take the dive, you have found like me that finding a lender that will allow you to tap the equity in your investment property is not as easy as one would imagine. I own two properties free and clear, and am now trying to find lenders who service Chicago, Illinois who will do HELOCs on investment properties or cash out refi. After searching the forums I have found 2. Feel free to add lenders who do this for your area. Hopefully this can serve as an easy one-stop resource for the BRRR investors on BP:

Chicago, IL: 

Wells Fargo; 

Huntington Bank

[Alan G.]

I can tell you from experience to stick with small local banks and credit unions. I buy homes for cash and after they are rehabbed and rented I go and finance them with blanket loans. I went personally to no less than 10 banks and credit unions before I found a good match. Since then they have done everything for me. Go and discuss your situation personally with them. Find out what there criteria is and work with them. Build a relationship. Small banks and credit unions will keep these loans in house and the underwriters have a much more vested interest. And yes, all of my loans are under LLCs so it CAN be done.