long term refi lending on 50-80k ARV's for Foreign investor through LLC

Toledo, Ohio
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long term refi lending on 50-80k ARV's for Foreign investor through LLC

Juliette Elliott
Rental Property Investor · Toledo, OH · Member since 2022 · 6 posts · 3 votes

I am looking for long-term refinance lending to follow on from my hard money lending for purchase and a rehab. The values on the houses after rehab are from 50k-80k approx and we are from overseas with LLC's in Ohio. Currently sitting on 5 places and looking to secure the next step so I can continue to purchase.

Any BP recommendations or connections would be appreciated. 

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Matthew CrivelliBusiness Member
Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
3y

@Juliette Elliott

As I'm sure you are aware it is very difficult to find 30Y funding for properties under 100k. I have talked to many foreign investors from Canada and Israel who have 15-30 of these types of homes, mainly in upstate NY, OH & IN. I have yet to find a good funding solution for these situations. 100k+ in value is the only way to go if you want to use DSCR loans.

[email protected]413-348-8346
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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    3y

    @Juliette Elliott

    As I'm sure you are aware it is very difficult to find 30Y funding for properties under 100k. I have talked to many foreign investors from Canada and Israel who have 15-30 of these types of homes, mainly in upstate NY, OH & IN. I have yet to find a good funding solution for these situations. 100k+ in value is the only way to go if you want to use DSCR loans.

    [email protected]413-348-8346
    Freedom Capital Funding, LLC523 Reviews
    WebsiteView Page
    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    3y
    Quote from @Juliette Elliott:

    I am looking for long-term refinance lending to follow on from my hard money lending for purchase and a rehab. The values on the houses after rehab are from 50k-80k approx and we are from overseas with LLC's in Ohio. Currently sitting on 5 places and looking to secure the next step so I can continue to purchase.

    Any BP recommendations or connections would be appreciated. 

     @Chris Wharton can probably help you

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes
    3y

    Houses in this price range are a tough market.  Most lenders want that 75k min loan amount.  Anything less than that isn't worth it for them.

    I once looked for someone that would do smaller valued houses and when I did find someone the terms were absolutely terrible, so bad I recommended them not to do it.  Rates were high, leverage low, and points very high.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y

    If the value comes at $70k, you may be able to qualify for a blanket loan. Interest rate and points will be high since the loan amount will be $50k. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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