I did all of my loans with small local banks in my area and was always happy with the rates and service.

One day without even knowing the bank was for sale.. the next day they are notified the bank sold and the new bank is bringing in their own people. 

It takes a lot of phone calls and asking around, but you can normally find a local or regional bank that is willing to work with investors on these types of properties.Mike

Add this to the GUI map.7: Create your own bank there is nothing better than a bank that is dedicated for ONLY investors.

Also, separate bank accounts from day one, get insurance (builder’s risk is a lifesaver), and don’t skimp on an attorney when setting up your partnership.

I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.Questions:Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

Hi Wendy,Coming from a Banker in most cases the Heloc is a Line of credit you only pay on the amount you use and a Heloan is the bank/lender gives you all cash.Lets say you borrow $10K as a heloc and in the first few months you take out $1500.00 your payment is only going to be based off the $1500 and not the $10K because the rest in the line of credit (LOC) not being used - Same as a credit card.

@Timothy Hero community banks and credit unions are the OG DSCR lenders.  

I don't bank there anymore.  

Can someone help me with that question: will a bank refinance a rental property under llc?