Traditionally in my experience they have been 15-20% over market value, hence the reason one would use it for marketing.Untill you have qualified feet on the ground you're pi**ing in the wind.

I probably just should have left out the line about "not believe(ing) in Obamacare".   

But I was HML ing in those days and I had more than a few apartment owners call me looking for short term funding because their 20 due in 5 was not being rolled over and they could not find anyone to make a new loan..

I'm still new to REI and I understand how BRRRR works but it seems like it only works out in low to mid cost of living areas. I'm trying to understand how the expenses for a property in a HCOL area, like the boroughs ...

That would push up rates for commercial lending.There's a lot of "what if"-ing in what I just said, though.

For those who are BRRRR-ing in the South Florida market, are you getting your leads from wholesalers or are you direct marketing to motivated sellers?

I am looking into BRRRR-ing in Maine.

I'm interested in BRRRR-ing in SoCal as well and/or value add properties. 

That lowers their cost more and they can probably quantify the risk of you refi-ing in years 2-7. 2) The now 9-10K maximum cost is a drop in the bucket of their total theoretical revenue they stand to make over the term of the loan through the interest payments.

What city is this in @Gin Zhuang?