Which lender is best for BRRRR financing?

You need two lenders. For the purchase, a hard money or private lender that funds fast and accepts poor condition. For the refinance, a DSCR or conventional lender with a 75% cash-out LTV, short seasoning, and a rate you can hold for years.

For acquisition, what matters is speed, willingness to lend on a property in poor condition, the share of purchase and rehab funded, and total cost in points and rate. Local hard money lenders often close in a week.

For the refinance, what matters is the cash-out LTV (75% is the target, 70% is common), the seasoning rule, how they qualify you, whether they allow an LLC, and the rate and prepayment penalty. Conventional is cheapest and most restrictive. DSCR qualifies on the rent, allows LLCs, and often skips seasoning, for about a point more. Get written terms from two of each before you offer.