All Forum Posts by: Alex Bekeza

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• 12, 18, or 24 Month Purchase & Rehab Scenarios - Purchase & Rehab Inquiry
  

For Purchase + Rehab

• 12, 18, or 24 Month Term Options
  
• NO Prepayment Penalty
  
• Up to 90% of purchase price + 100% of rehab (not to exceed 75% ARV) *some zip codes are capped at lower ARVs based on risk profile*
  
• Interest Only Payments (interest is only paid on drawn balance)
• Minimum 680 FICO
  
• LLC Required
  
• 1st Time Investors Ok at reduced leverage (if they own primary residence)
  
• Loan Amounts from $150,000-$2,000,000 (larger loan amounts available at reduced LTC/ARV)
  
• 1-4 Unit Residential Properties Only

It will be awesome when BP allows you to sort lenders by reviews one day. 

@Ludwig Koeneke There is an appraisal form type that you can order which gives both the AS IS value as well as the After Repaired Value based on the scope of work proposed that you submit. However, if you've already closed cash I'd say it's a waste of money. Instead, I'd just rely on a CMA (comparative market analysis) of renovated properties in the area from your realtor unless you have local MLS access yourself to run the report. Feel free to reach out if you have any questions about the refi stage of this BRRRR.

@Kristie McCleary You may be surprised.  Right now, Dec 2024, on an investment property 4 unit there are some DSCR lenders with rates better than Fannie/Freddie. Commercial zoning would be okay as long as the property is considered LEGAL but non conforming. Sometimes this happens as zoning changes over time but the residential use remains legal. Some lenders may also want to see law and ordinance coverage in your insurance and perhaps a rebuild letter from the city stating that the property could be rebuilt as a residential 4plex if destroyed.

There's nothing wrong with having some money left in a deal in my opinion. What part of the refinance stage do you see as "tightening up"? It feels like DSCR lenders are catering to BRRRR investors more now than ever with short seasoning guidelines, air tight DSCR requirements (1.0), etc.

@Marc Shin We're funding cash out refis for a lot of our most experience BRRRR clients right around day 91 (to pass 90 days of title seasoning) where we get the process started (appraisal, title, application, etc) around day 60 (plus or minus) when they have the place fully renovated and at least listed for rent (we'll use appraisers opinion of market rent to calculate DSCR). That being said, this is mainly doable for folks taking on cosmetic rehabs with great time management/construction management skills. I've personally undertaken BRRRRs that took me 6 months to stabilize but part of that for me is the BRRRRs being an out of state side hustle I suppose.

I'm thrilled about a new tool we've launched that allows borrowers to get their own real time pricing for DSCR loans with a few simple clicks 24 hours a day 7 days a week. This portal is not only great for getting the submission process started with us but also an awesome tool to play with when pre-underwriting deals. We're going to continue to add features every single week to enhance the user experience and make getting a DSCR loan as easy as possible.

Here's the link to this new tool - www.investorpropertyloan.com/DSCR.

While our company does still offer other unique products, this tool will be unique to long term rental units. So if you have a short term rental, flip, or other unique scenario we can still totally handle that but it would fall outside of this new calculator.

I'm thrilled about a new tool we've launched that allows borrowers to get their own real time pricing for DSCR loans with a few simple clicks 24 hours a day 7 days a week. This portal is not only great for getting the submission process started with us but also an awesome tool to play with when pre-underwriting deals. We're going to continue to add features every single week to enhance the user experience and make getting a DSCR loan as easy as possible.

Here's the link to this new tool - www.investorpropertyloan.com/DSCR.

While our company does still offer other unique products, this tool will be unique to long term rental units. So if you have a short term rental, flip, or other unique scenario we can still totally handle that but it would fall outside of this new calculator.

@Jamison Shaw I have a cool DSCR pricing engine I'll send your way in a PM that is great for pre underwriting deals like this.

See ya'll tonight!