Finishing up my first "rural" BRRRR, looking to refinance

[Tim Braun]

Hello all, I purchased my first investment property about 2 months ago through a hard money loan and we are about 2 weeks from having it finished. I could just sell it, but my strategy is focused on holding when it makes sense - the numbers work out, so I am trying to find someone to help me refinance the property. I am located just outside of Auburn NY (between Syracuse and Rochester, the fingerlakes) and wanted to see if anyone knew if anyone had any advice or had any recommendations for lenders? Any similar experiences that they had to work through?

One issue is that I purchased the property in my LLC, so I'm sort of stuck with commercial loans by the sounds of it?

Another issue I keep running into is everyone keeps telling me the property is too "rural". Its about 10 minutes outside of a 26k population city. Its not huge I know, but there is demand out here.

[AJ Exner]

Quote from @Tim Braun:

Hello all, I purchased my first investment property about 2 months ago through a hard money loan and we are about 2 weeks from having it finished. I could just sell it, but my strategy is focused on holding when it makes sense - the numbers work out, so I am trying to find someone to help me refinance the property. I am located just outside of Auburn NY (between Syracuse and Rochester, the fingerlakes) and wanted to see if anyone knew if anyone had any advice or had any recommendations for lenders? Any similar experiences that they had to work through?

One issue is that I purchased the property in my LLC, so I'm sort of stuck with commercial loans by the sounds of it?

Another issue I keep running into is everyone keeps telling me the property is too "rural". Its about 10 minutes outside of a 26k population city. Its not huge I know, but there is demand out here.

 Hey Tim,

When you originally purchased it, did you have an appraisal done? Sometimes lenders will deem it too 'rural' but when push comes to shove, most will go off of what the actual appraisal calls it.

If the appraiser called it 'suburban' than you would be fine with most lenders.