All Forum Posts by: AJ Exner

Plenty of options available for you!

Play around with the Find a Lender option here on BP, or reach out to any number of people who I'm sure will respond to this post

https://www.biggerpockets.com/business/finder/lenders

Your partners licensure should help overcome any hurdles, just make sure they are Non-Dutch and make sure it's not too rural, and you should be great.

Would love to connect and help either on the rehab or refi when the time comes!

Good luck!

Shoot, that is going to vary wildly based on where it is, what the ratio of square footage devoted to commercial vs. residential, the rehab to purchase cost, and probably going to be impacted by your FICO, experience, and liquidity. 

Just sent you a DM to get some more information, but if the residential space is a little more, it might move the deal to a few new lenders that could help.

Good luck!

Hey Brad,

Should have a bunch of options here on the platform, highly suggest the Find a Lender tab that can get you in the right direction!

(https://www.biggerpockets.com/business/finder/lenders)

Biggest things to ask, is 1) to make sure they can use HELOC funds (usually they just want to see them in an account first) and you should be fine. 2) Make sure they are okay with purchase prices below $100k on a rehab (and total loan amount assuming 20% down). Especially as a first timer. And 3) Make sure they lend in the area you are investing in.

Other than that, have fun, learn a lot, and good luck! Happy to connect and help where I can!

Hey Dale,

So the best way to find some GAP funding is to look for private investors either in your area or that you know that would help. They are inherently riskier loans so it takes a baseline level of trust, or legal protections, to ensure that the Gap lender in question is protected because being in subordinate position on title means that if it gets sold for less (via bankruptcy or any number of proceedings), you are more likely to lose your money.

You also need to make sure that your primary mortgage holder on the deal is okay with there being a Gap funder. If you end up moving in that direction and putting all the dominos in place, the last thing you want is to get towards the end and have the deal denied because of that.

Unfortunately, most GAP funders keep regional to markets and people that they know and they keep them close to the chest. My recommendation would be to start finding deals and working local REI meetups to see who you can run into.

Good luck!

Should be plenty of options, are you looking at moving completely away from conventional/bank loans and into a DSCR loan? What kind of leverage are you looking at refinancing into?

Hey Taylor,

If the numbers work, there are plenty that will.

There are a few that might want to see similar jobs of that size that you’ve done, or some kind of licensure. If you’ve done bigger projects like this, have additional experience, and the numbers look as good as you’re making it sound, you would be a shoe-in.

I guess my question would be, what kind of leverage are you looking to get on the purchase? Plenty of programs would be happy to help you out, but I would be intrigued to see how a deal would look like for you being willing to take on the rehab funds yourself.

Good luck! Would love to connect to see if we could help.  

Hey Mike,

That transition from F&F to GUC is a tricky one, but there are a few programs that can help you with that as long as you have some extra reserves/liquidity and are working with a good builder.

Are you looking around Virginia or are you working somewhere else?

So if you are getting a gift of $100k, then you could use 50k on top of your 35k for the down payment + reserves. 

It depends on the lender, so giving them a heads up is good.

Most of the programs that I am aware of will allow you do utilize only 50% of whatever the 'gift' is. So if you provide a good letter of explanation, then you could do more than the 10% as long as it falls within the 50% of the gift funds. 

Happy to connect and talk through numbers if that would be helpful.

Good luck!