Brrrr method loans

[Account Closed]

Does anyone know if a bank would give me extra money in my loan for renovations when doing brrrr method

[Tom S.]

@Account Closed I've done that a number of times working with smaller local banks and ask to speak to the commercial lending department. They've advanced purchase + rehang financing, subject to 70% ARV, that would convert to a regular mortgage after the rehab is complete. No points and far cheaper than HML.

Even though it's a commercial mortgage, I've used it for single family, duplexes, and 5 units.  Commercial means they hold it in-house (don't resell the mortgage) and typically have more flexibility.

Call around to local banks where the property is located.

Good luck!