Non QM DSCR Mississippi lender bailed on me

[Joe S.]

I'm in a bit of a dilemma. I have a lender that I've done multiple loans with in Texas that also packaged loans for Mississippi. I had used this particular company to do BRRRRs in Mississippi and in Texas. I believe they are primarily based out of Texas, but lend some other states. Mississippi is one of those states that not every lender wants to lend in for reasons I'm not fully sure of. I recently put serval bank properties under contract that would have fully fit the BRRRR model. Even had my contractor lined up for as soon as it closed. The lender was happy to do more loans etc. Today this the lender called me and said that his bosses said that the fund they were using to lend in Mississippi was pulling out of the residential sector. He said he had a number Of funds for Texas, but no more for Mississippi and he just heard the news today. I'm still on my option period for these properties in Mississippi so I'm not sure whether or not to pull out or try to find another lender with very little time left in my option. Has anyone else ever dealt with something like this?

[Wes Waggoner]

I'm in Biloxi. There are 2 banks here that I use for portfolio/construction loans for single family homes. 20 year amortization, 15 year fixed on one & 5/1 ARM on the other. If cash flow is still good I keep the properties in the loans. Otherwise, I refi to a local QM or non-local DSCR. Happy to share info if you want to message me.