As the description said, we are trying to finance BRRRR deals using a line of credit we have with our local bank and then flip it into a traditional mortgage. On the line of credit we have available it's a 6.5% interest rate and the amortization is based off 20 years. Is there a better option or way to finance deals that don't involve interest rates that high or is this a pretty average interest rate for lines of credit?
Also, when moving that line of credit into a traditional mortgage, we have been trying to use our local bank as well but their interest rates and mortgage amortization terms make it difficult for the "deals" to work. What lending institutions has anyone had good experiences with and what suggestions do you have for structuring a BRRRR deal on the financing side?
Also, any suggestions for someone new to using the BRRRR method is appreciated.
