All Forum Posts by: Archimedes Jao

 I would recommend checking out BP featured mortgage lenders or the new Find A Lender Tool

Also - check out this recent article published here on BP on this exact topic!

https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...

Hi Archimedes,

I recommend checking out Lender Finder, a free and easy way to quickly find and compare investor-friendly lenders who specialize in your unique investment strategy. With Lender Finder you can:

• Find investor-friendly lenders on your terms
• Do more deals with a quick search solution
• Tap into a trusted network with ratings and reviews

 Check out Builders Trust Capital (I’ve talked to Anthony about BRRRs and they he’s also an investor, let him I know I sent you!): https://builderstrustcapital.com/ They’re based in Jersey. 

@Archimedes Jao

The numbers loan officers are going to go by is the appraised value minus current debt on property. The LTV depends of the lender. With the economy it might be 70%. It also depends on residential loans v. Commercial loans (DSCR).

Example

Appraised value 200,000

75% 150,000

Debt on property 100,000

Possible 50,000 cash out

When you are looking for cash out, the LTV changes with some lenders. You will need to do some searching. I found small local banks are easier to deal with then the large banks especially if your going the DSCR route.

6 month timeframe typically, but some lenders want a longer timeframe.  Speak with your lender.

try bankrate com