We sold 3 locations that had little debt on them with great cashflow, stayed heavy in cash, our stock return was only around 11% versus 25% since we went conservative, have two projects banks have already greenlighted with no downpayment on our part using cross collateralization with other properties- built in $2.5mm equity creation in 3 years in those projects, on hold for now.  .   

At least that avoids the banks closing costs right now.

I am surprised you found a bank willing to do this.

I'm still in the process of finding an alternative solution but I thought I'd leave this here as a warning for others looking to make a decision.For reference, I'll just post their email response to me here:As we review your inquiry, we would like to remind you of the following key points from our Terms of Use:In no instance shall ShinePay be liable for any of the following:"Lost revenue from service interruptions.Lost revenue stemming from delays, malfunctions of any product.unauthorized gains access to your account or due to shared passwords or if your password is hacked.Destruction to properly, places, or personal injury resulting from the installation, misinstalling, or misuse of any product.Lost revenue from entering the wrong account number for ACH or other bank transfer or money transfers or due to any delay in receiving funds.Damage to your structure, machines or car resulting from use or installation of our products.Any funds collected that are paid to a person that does not own the property.Any harm from defeating the lock and technology that controls the lock to a device.Failure to properly service any product or machine."

@Tim Bergstrom I am a lender with a local bank here in Louisville and an investor personally as well. 

if they are pressuring you like this.PLEASE watch the American Greed Episode on Remmington Financial  .not saying these guys wont or don't fund of course.. but when I do my deals with my banks its common that I pay for the phase one and the appraiser directly..  

Hey @Jaycee Greene someone on our team handles the acquisition and lending/banking portion, we only do the monthly bank draws for construction costs!

@Hank Bank where are you located?

A couple questions:1) Has anyone worked with local lenders like a local bank or credit union?

Also, banks typically use a valuation process that does not favor the BRRRR strategy.