All Forum Posts by: Alex Bekeza

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

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• 12, 18, or 24 Month Term Options
  
• NO Prepayment Penalty (*ask about our 90 day seasoning products for 75% cash out on BRRRRs*)
  
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Orlando, Cape Coral, Tampa, Jacksonville, Miami, Pensacola, Naples, St. Pete

@Mike Romano Happy to provide a quote to consider side by side with any local bank in that area.  There's definitely no bank in Orland who has served as many BP members as we have ;) 

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How to request free quotes:

• 30 Year Fixed DSCR Scenarios - DSCR Loan Quote Request

For DSCR Based Financing

• 30 Year Fixed
  
• Cash Out your BRRRR as early as 90 days of title seasoning (unaffected by recent Fannie/Freddie guideline changes!)
  
• Up to 75% LTV for Cash Out
  
• Up to 80% LTV for Purchases
  
• Minimum 680 FICO
  
• LLC Vesting Required
  
• No Cap on the # of Rental Properties Owned
  
• No DTI Requirements! (no tax returns or proof of personal income)
  
• Qualify based on DSCR/FICO
  
• Loans from $75,000-$2,000,000
  
• 1-4 Unit Properties

Bridgeport, New Haven, Stamford, Hartford, Waterbury, Norwalk, Danbury, New Britain, and more!

Most lenders are going to be limited to using the lower of appraiser's opinion of market rent or the actual in place lease (or in some cases 110% of market if lease is greater) so it sounds like you just need to roll the dice on a new appraisal but I'd recommend having some rent comps on hand for the appraiser up front just to avoid the same issue. 75% cash out pending positive DSCR is widely available at most DSCR lenders.

@Ahmad Moore 

Did the lender try to help you dispute the market rent? Rent comp data is not as easy for the appraisers to capture as sales comp data is so they often make errors on this.

When I run into this issue with my clients I ask them to send me 3-4 rent comps in the area to dispute.  This can be a combo of zillow listings, craigslist, etc but the best thing would be a rent roll from a property manager confirming a higher market rent.  I've found that appraisers are much more likely to revise their market rent number than they are the value itself.  

Was this appraisal ordered through a big AMC like appraisal nation who most DSCR lenders would accept a transfer from?

Yeah, similar situation in a few states in that pocket of the country where I think a good amount of lenders are taking the "doesn't apply to business purpose loans" approach but perhaps whether or not these PPPs are truly enforceable is another question entirely. At the end of the day, it's one of those regulations designed to help people but ends up hurting them in the sense that the lenders are going to make the yield one way or another so if you can't charge a PPP then you're probably getting crushed in rate or closing costs or both. 

Good question and I haven't received any pushback on this yet from secondary or borrowers so I'm curious what you're hearing too but we have options ranging from a 54321 for the best rates, to a 321 for a small fee, or even a zero PPP option at higher rates.  @Robin Simon

See what our Bigger Pockets clients are saying -- > Bigger Pockets Reviews
See what others are saying on Google Reviews & Yelp Reviews

How to request free quotes:

• 30 Year Fixed DSCR Scenarios - DSCR Loan Quote Request

For DSCR Based Financing

• 30 Year Fixed
  
• Cash Out your BRRRR as early as 90 days of title seasoning (unaffected by recent Fannie/Freddie guideline changes!)
  
• Up to 75% LTV for Cash Out
  
• Up to 80% LTV for Purchases
  
• Minimum 680 FICO
  
• LLC Vesting Required
  
• No Cap on the # of Rental Properties Owned
  
• No DTI Requirements! (no tax returns or proof of personal income)
  
• Qualify based on DSCR/FICO
  
• Loans from $75,000-$2,000,000
  
• 1-4 Unit Properties

Providence  Cranston  Warwick  Pawtucket Woonsocket  Coventry  Kingstown

@Soli Cayetano is as sincere and honest as they come.  I know she is very intentional about adding maximum value to her clients. I've had the pleasure of working with and alongside her in various capacities over the years.