lien or refi options pls?

[David McIntyre]

Hello all!

I'm an experienced investor that's emerging from a difficult period. Need input / ideas / comments on following pls.

I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems). Those other probs have now gone away plus I'm making a lot more dough from my regular work/day job these days. My credit is poor right now but can easily be improved as my income is much better lately. 

I owe approx. $40k in arrears on each. Seeking either lien in amount of arrears, or refi of each if poss.

Approx. #s: value: $440k each, total debt: $310k each (incl. arrears), prop taxes/mo: $500, insurance/mo: $25, common charges/mo: $380, rents/mo: $2700 & $2250

Pls feel free w/ any solutions / input / ideas.

Tx

Dave

[Devin Peterson]

Quote from @David McIntyre:

Hello all!

I'm an experienced investor that's emerging from a difficult period. Need input / ideas / comments on following pls.

I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems). Those other probs have now gone away plus I'm making a lot more dough from my regular work/day job these days. My credit is poor right now but can easily be improved as my income is much better lately. 

I owe approx. $40k in arrears on each. Seeking either lien in amount of arrears, or refi of each if poss.

Approx. #s: value: $440k each, total debt: $310k each (incl. arrears), prop taxes/mo: $500, insurance/mo: $25, common charges/mo: $380, rents/mo: $2700 & $2250

Pls feel free w/ any solutions / input / ideas.

Tx

Dave

You should be able to qualify with a DSCR cash out on each SFR and pull up to 75% LTV on each asset. If your credit is in the dumps, there are a few creative solutions I’d be glad to share. Happy to connect! Good luck!

[Ko Kashiwagi]

1 - Do you own other assets that you can leverage to get out of this? Other rentals with equity you can use?

2 - What kind of loan do you have one the 2 SF right now? If the rate is low you'd be much better off finding solutions other than refi (pulling personal loans, second position

Also, what's your credit looking like? I know most long term rental loans want to see FICO at least in the high 600's to do 75%. You could possibly explore a bridge loan up to 75% LTV if your credit doesn't qualify for 75% 30 year loans.

[Andrew Zamboroski]

Quote from @David McIntyre:

Hello all!

I'm an experienced investor that's emerging from a difficult period. Need input / ideas / comments on following pls.

I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems). Those other probs have now gone away plus I'm making a lot more dough from my regular work/day job these days. My credit is poor right now but can easily be improved as my income is much better lately. 

I owe approx. $40k in arrears on each. Seeking either lien in amount of arrears, or refi of each if poss.

Approx. #s: value: $440k each, total debt: $310k each (incl. arrears), prop taxes/mo: $500, insurance/mo: $25, common charges/mo: $380, rents/mo: $2700 & $2250

Pls feel free w/ any solutions / input / ideas.

Tx

Dave

Hi Dave,

we may be able to help with a bridge loan on one or both to help. Happy to connect and see if that’s an option.

cheers,

Andrew

[David McIntyre]

Thanks very much for your responses, guys - really helpful. I'm gonna reach out to you separately to discuss.

Tx

[Erik Estrada]

Hey David, 

Has an NOD been filed yet? Once it's filed it will be very challenging to find a lender that will do it. Are these properties rented out or vacant? Also what is your credit score?

You might just be better off selling, getting your credit score back up and starting again from scratch. The terms on the loan may not be in your best interest. 

[David McIntyre]

Hi Erik

Thx much for responding. I'm going to contact you directly w/ answers.

Tx

[Dan Deppen]

If you have ~$130K equity in each and $260K total, can you just sell them and move the cash into something else?

[David McIntyre]

Hi Dan

That also sounds good. Thanks much for the suggestion.