All Forum Posts by: Adam Bartling

@Spencer Elliott  Here is how we get it funded.

We need the builder to partner with another GC/ Builder who has the experience and can get validated with our construction department.  ( your builder will most likely have to share the proceeds, but quess what?  This is how they all start. The experience is needed, he will have to hold his breathe on larger profits until they can gather the experience to build solo.)

You as the home owner.... All construction lenders will say that you as the home owner can not preform any of the work.  ( this is cautionary because the lender wants to mitigate risk. Nothing to do with your skill and ability.  But when it comes down to it your GC can sub the work to who he wants)  

I had a roofer want to be the GC.... He did do the entire roof because that was his proven zone.

I applaud you for wanting to take on more work.

If yall can put this action plan to work, our team can get you across the finish line.

Congrats!  I am on the SW side,  I would go after some pre forclosures just outside Harris cty.  

Check out Meetup many REI groups

@Christopher Jason Lloyd The VA Construction Loan will cover this loan... but not how you are asking.

Construction loans can include tear down and structural repair or additions.

Renovation loans only cosmetic, no moving walls

We would get a builder registered with the VA ( its only a registration, think about it as a punch list just longer because the government is involved. If you builder will not register, Go to another builder it is just a checklist and the VA verifies licenses and Insurance.) We need plans, survey, and register builder with our lender and we are making this happen. *borrower must qualify

Is this something you need help to underwrite?

@Spencer Elliott The Big problem here is the Risk.  1st Build, now if we can see that he has plenty of experience working with a production builder and how on his own.... that may work.

Typically lenders want to see 3 homes built first before they will extend credit.

Now His Bank should be the one lending to him, but why are they not??????

The most one our lender I saw do was 50% LTC for new builder with zero experience for their company. If that works, let's talk.

If this is an owner occupied home the financing will be all on you and the builder just get draws.

@Leonard Rybak  That is really slow, I am helping out my other company while lending is slow and I still get back with clients same day.    

Now you have to find out does this broker do licensed loans also?  

Reason being I have almost stopped any loan that I can not access the lender's portal as a Third Party Originator (TPO) as passing it off to a company as a pure broker sort of sucks for someone like myself (retired army ) who is used to status updates by our team.   Just something to think about.  lots of good lenders on this post.

@Raj Khadilkar  Non USA Citizens always expect that there is a higher liquidity requirement for the loan.

Here are some rental loans basics as we lend in 40 states.

20% Down payment (non Citizens expect 25-30% down payment)

3 months mortgage payment PITI in reserves

Credit Score FICO 660 min.  No credit for Foreign investors, Okay but must qualify on equity.

What I am questioning, is they are asking for reserves but you are doing a cash out refi, why not just pay the fees out of the equity you are receiving?

Portfolio loans: we need to know more about the properties to see if they can be rolled into 1 loan.

Not sure why it took you 4 months, this sounds like a standard loan.  More than happy to take a look at your situation.

@Jack Lander which is you and your teams role?   Myself I am on the debt side, we have loans that we can do in conjunction with seller financing and licensed in multiple states NMLS2213358.

What exactly are you looking to find?

@Kaleb R. They are talking about the initial investment which is 20% of the sales price.  Wait 7 years with the tenants paying off your mortgage and property values appreciating, now you get to take out 80% of the new current value.   Get it now??  Any questions just keep asking.  

I have met the folks a few times here in Houston ,but since I am in the industry I did not move forward.  Good People, I have heard a few good points from them.  Also they do have many people who say great things in the group. 

@Darnell Robinson You can take a Home Equity Line Of Credit out on a primary or investment home. Typically HELOCs are Prime + 1.5%-2.5% based on your FICO and LTV. And with current market rates, that is most likely going to be higher than 8. But this is going to be the cheapest option on debt.

What other questions do you have?