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Updated over 3 years ago on . Most recent reply
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Assset Based Refinancing
Hi All- I'm looking for help finding a lender who will REFI at 30yrs based on the performance of an asset/income property. I've been enjoying the BRRRR strategy for years and its been a real blessing and fun ride. Recently a resigned from my well paying corporate career and no longer have that W2 that conventional banks love to see. We are also just wrapping up a beautful complete renovation on a house that we have about $170,000 of our own cash in. It should appraise around $220,000 and rent at $1400. On the podcast David mentioned a lending organization call "financemyrental.com" which is also "Dominion Financial". They will REFI a property based on the fundamentals of an asset and your good credit score---no W2 or tax statement needed. I thougth I had found my answer!!! However- they are unwilling to move forward because the town that we invest in does not meet their minimum population density thresholds. Is anybody aware of any alternative lenders that I could look to refinance with that will do so based on the fundamentals of an asset/income property?
Thanks for your help!