Atlanta - Good Re-Finance Bank or Lender

[Rashad Nelson]

Does anyone know of a good, cash-out re-finance lender, whether they're a local community bank in Atlanta or other type of soft money lender?  Here's what I'm looking for:

• $50K minimum loan amount
• 30-day seasoning requirement or less
• 70% to 75% LTV (based on end value of the project, not purchase and rehab costs committed)

I've talked to quite a few local, community banks here in ATL. Many lend based on loan-to-cost instead of LTV or ARV and at least a year or two of seasoning is required. There's no way an investor can scale-up their portfolio if they're required to hold on to a property for at least a year (or two years with certain local banks) before getting favorable LTV terms.

So far, my only option is Visio Financial, a soft money lender.  They check all the boxes above, but their terms are quite aggressive and recently, as of March 1st, their interest rates have skyrocketed to nearly 9% for a 30-year product (ouch!) and I have excellent credit.  The rents in Atlanta don't support such an interest rate.

I'm trying to implement the BRRRR technique (buy, rehab, rent, refinance, and repeat). Velocity of money and forced appreciation is the only way to scale. I can't tie up a significant portion of capital for each buy-and-hold project. Has any buy-and-hold investors in Atlanta have any luck in this regard?