BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 4 years ago,
Commercial lending/ loan to cost/ speed?
Hey BP need to help here on the topic of the brrr specifically the refinance part. I've called all the local banks , credit unions in my area and some! And they all tell me if they are not shut down due to the Corona virus they will lend 75% loan to cost. Some banks ask me what my plan is for the money and dont like the idea of me buying other properties...
I put the property I'm trying to refiance in a LLC so I could more faster in the commercial side ,but from what I'm seeing it's not the case..
The local banks are telling me in order to get 75% ARV it has to be seasoned for 12 to 18 months...
Is this common? Loan to cost I'll loose a
lot of money and will not be getting all my money back like what I've been led to believe?
What am I missing?
Thanks!
Ryan