Need A Bank for Refi

[Chad Mayo]

Currently renovating my first BRRRR property and looking for a bank that will let me cash out 75% LTV without a 6 month seasoning period...anyone have someone local I could use? I'm getting no's everywhere. (some national, some local)

[Andrew Postell]

@Chad Mayo yeah, you will not have success with a "conventional" lender.  Meaning a lender that uses Fannie Mae or Freddie Mac (if you recognize those names) to govern their mortgages.  The good thing is that most banks will have "portfolio" options.  Meaning, money that comes from their own portfolio of funds.  Those loans are regulated by the bank itself.  So each and every bank's portfolio loan will be governed differently from the next bank's portfolio loan.  In order to find your loan you will literally have to call each and every bank.  Or, reach out to some brokers about the loan type.  Caution, brokers may not have a relationship with every bank so you may STILL have to call all the banks.  And I'm being literal here.  Calling 200 banks is not unusual for most investors.  Even seasoned investors are always looking for better financing options.  Smile and dial. Hope this helps.