idk HARD MONEY RATES LONG TERM....

[Isiah Ferguson]

Hey BP,

I'm looking to refi but my DTI is very low. I do not have the same job I had before. I have a free and clear duplex and cash reserves. I've been trying to figure things out and I don't want to have to search for a high paying job to offset my DTI , i don't really want to work. I somewhat came to the conclusion that I can take the HML route to refi my property and scale up that way. As far as my understanding HML are usually high at 8%-12% for 30 year terms. I ran all the numbers with the BP rental calculator at 8% w/ 30 years and i still CF 300+ after all expenses as long as i continue to manage. I think most people would say 8% is on the high side compared to the typical conventional @ 4%. my question, Is there any HML out there with better terms ? Should i scale using HML or should i sacrifice getting the high paying job ? I always thought stay away from higher rates.

[Christopher Phillips]

Isiah Ferguson

HML lenders don't normally do long term. 6-12 months, maybe a little longer. When they do, it will be at a very high rate due to the risk.

You should try some local lenders and see if they will do it.

By the way, debt to income ratio is supposed to be low. So, not sure if you have that backwards or not.