Lender in Washington State

[Keli Coleman]

I am finding that the BRRRR strategy doesn't seem to viable anymore. As of now we have a house purchased, rehabbed, occupied, but finding the refinance impossible. We leveraged HELOC from another investment property to secure and rehab but lenders are saying that is a problem (Bay Equity). I have called every single bank in Thurston County, Gray's Harbor, Lewis County and some In Pierce and Snohomish. I have yet to find a portfolio lender that lends outside of the Fannie Mae guidelines. We qualify easily for Fannie Mae but we have to wait another 3 months and we have a deal waiting. Also I want to get a bank that will be my go to for all future deals. Any suggestions? Thanks in advance!

[Kevin Romines]

@Keli Coleman You can use delayed financing if you have no lien or debt on the subject property. The alternative is either wait out the 3 months to get into a Fannie Mae cash out at 75% LTV or you can go portfolio lending. The only requirement with some of the lenders is that you have 2 months cancelled checks for the rental income. However I'm closing one right now that is still vacant......so some of the portfolio lenders don't have those requirements.