Refi Step in the BRRRR Strategy

[Nader Wahba]

Hello all -

Hope everyone is staying safe and working hard.

Pre-COVID, there were several lenders that had programs geared towards investors like myself but they seem to have either suspended their programs, or reduced the amounts they are willing to lend (as well as charging hefty origination fees).

Does anyone have recommendations of companies who are still lending with terms similar to pre-corona? 

Some of the terms I remember were: 

-Up to 75% LTV

-Will lend to LLC

-3-6 month seasoning period

-Choice of recourse or non-recourse (slightly higher interest rate for non)

-Asset based lending, and not conventional (loan depends on performance of the asset vs. your personal tax return)

The market is currently in an interesting situation (especially in the Greater Atlanta Area where I invest) because although it is harder to find financing options for several of the properties that are now ready to refinance after being stabilized and cash-flowing, those same properties would be selling like hot-cakes on both the MLS and off-market investors.

It has me wondering every day.. shall I wait and try to find the pre-COVID terms, or shall I sell for a profit?

Feel free to include your thoughts!