How can I BRRR my 3-flat?

[Kevin Chen]

I am looking to pull cash out after rehabbing a 3-unit investment property. The purchase price was $285K at 75% LTV. I've called around to numerous banks and credit unions, the max LTV that they're willing to do is 75%. Fannie Mae lenders were even lower at 70%. My agent told me he can sell the building for $350K. However, if the property doesn't appraise for that value, there won't be much of a cashout. Any ideas on how I can find a lender that would do 80% LTV? Or should I looking into other types of lending options i.e. commercial, construction, lines of credit?

After acquiring the property, the units were all updated.  Two units are leased out for $1,200 and $950. The last unit is on the market for $1,150.  Rents were previously $650, $700 and one unit was occupied by the previous owner.

The property is located in Chicago.  Thanks!

[Kevin Chen]

@Andrew Postell @Grant Rothenburger @George Skidis Thanks for the input!

@Brie Schmidt

@Brie Schmidt Yeah the most I've been offered is 75% so it might still work for me if the appraisal comes in favorable.  Thanks!