All Forum Posts by: Tarik Turner

Some of the help offered here is accurate and some of the help offered is a bit off
For most cash out refinance loans on investment properties the Max leverage offered is 75% LTV (You may find 80% but that really isn't industry standard) Which at a 250k "As is" value your max loan amount would be $187,500.00
If you purchased the property for 165k and renovated it for 30k you are all in for 195k
Since I am assuming the property is owned free and clear the $187,500 (minus closing costs let's call it 5% of the loan amount) can be used to pay down your debt. The numbers here aren't the best if the plan is to use the BRRRR method but there is still enough equity in the property to sell it at a profit. (Also when considering if a cash out refinance is the right move for you, be sure to understand your costs and the DSCR of the property.

Feel free to connect @Davian M.

It would be unethical for lenders to pull credit just to get you a quote, while it would almost be foolish to go with the first quote received. I would say compare terms, seasoning period requirements (Assuming when you mentioned construction loan you're talking about a rehab project), response time of your rep, learn as much about their loan underwriting and approval process as you can. Best of luck on your search

Yikes. The advice people give these days... Please at all costs do not commit mortgage fraud based on the advice of someone who will deny they ever spoke to you about any such thing if all hell breaks loose

Hey welcome to the community. If you're still looking to connect with lenders I would love to network and go over some of the loan products that we offer. 

Depends on your real estate goals and if you have a solid plan for the equity, but the days of getting 2% to 3% rates are far behind us and aren't coming back anytime soon. This is the main cause of the stagnation in real estate right now. People who had those great rates, if they were to sell their property today and buy another property at the same exact price their mortgage would double. I believe everyone expects rates to drop a bit but still will not touch those levels. (IMO)

What information can you provide on this project? Property type, number of units, purchase price, LTV needed, ect ... These details will help lenders on BP know if they would be able to assist you on your project

Quote from @Jonathan S.:

Quote from @Kevin Woodard:

I know this thread has received it's fair share of great answers. As for REO, the answer like most real estate investing questions is, ‘it depends.'

For example we are able to do deals without previous real estate owned, but we just added that feature within the last 3 weeks. 

I’d be more than happy to talk to you on your specific deals as it does vary from state to state.

@Matteo Girlando

@Yvonne Gallegos

How long do you have to have owned property before you can apply for a DSCR loan? Is there a limit or can I apply for a DSCR loan as soon as I've bought my first property? I live in NY.

You can purchase a property using a DSCR mortgage or use the delayed financing method to refinance immediately after the purchase. (On a delayed purchase loan, the loan would be based on the purchase price and not as is value)

If you are looking at a refinance where you want to base the loan on the as is value most DSCR lenders have a 3 to 6 month seasoning period.

Just sent you a DM @Geoffrey Paugam

Should be something 90% of the lenders on this platform can offer, so you came to the right place.