All Forum Posts by: Alex Bekeza

@Thomas DePaul 70% is going to be the standard from 9/10 banks but I have of one lending source who entertains 80% on mixed use purchases only problem is the loan minimum is $250k...  If you come across a similar deal and want to see if we could qualify for 80% let me know.  

For 80% LTV expect to have to have over 700 FICO and experience managing/owning commercial property.

@Mark Creason He's talking about FHA 223(f). They do 87% LTV. @Jim Macedon They allow up to 7.5% in Subordinate Debt on a case by case basis.

Couple of key points on this product:

Minimum Loan Size is $1 million

Experience is required so @David Acosta 's point of partnering is typically the best idea

Property must debt cover over 1.17. With such a high LTV loan which requires mortgage insurance you may have a tough time finding a deal that would cash flow.

Oh wait here's the best part of this program.....

Average processing time is 6-9 months!  lol anyone else still interested?

In my opinion..... you're 100 x better off finding a principal partner and coming into a 5+ unit investment with at least 20% down.  

@Claire Pember Hope this bumps your post up a bit.  

Our brokerage offers Fix and Flip Lines of Credit for experienced flippers with at least 2 Flips under their belt. The line typically has an exposure limit of 5x the borrower's liquidity and can be used to draw 90% acquisition and 90% renovations (75% ARV).

Feel free to reach out anytime and I hope we can do some business together and get those homes sold in SD!

@Tracy Horn I'm always impressed with flippers getting in down below 32 degrees!  

What terms did Bank of Odessa offer you?

@Andrew Smith Totally, I've strongly encouraged him to create a profile.

I can only really vouch for people I've dealt with first hand but always eager to support my fellow BP contributors! 

Interest Rates from 6.99%-9%. IO Payments!

Please know for Construction Financing:

We fund 60% land acquisition without permits

We fund 75% land acquisition with permits in hand

We fund 95% hard costs to build (no soft costs which include but are not limited to plans, specs, permits, grading, soils testing, architect, engineering)

We fund 75% LTV/ARV

We will fund the lower of the two land acquisition + hard costs to build OR LTV/ARV whichever is lowest

Please know:

Construction financing for Recourse is funded as follows:

We will fund the acquisition to escrow

We will fund the hard costs to build to a 3rd party fund controlled account for you to draw against as you “complete” your build based off of each line item on your budget

You will call Granite which is the 3rd party inspector once you have completed portions of your budget and are ready for your inspection and release of some funds. Please note; you must have line item 100% completed in order to receive the 100% of that line item draw

You will be charged interest payments on the entire funding “Acquisition + Hard Costs to Build”. We do not do balance accrual at this time.

You have 12 months to complete the spec build. You are eligible for two (2) three month extensions at a 1 point cost each upon review of your file

Please note you will fund your initial hard costs we will reimburse work completed

Please know for Fix & Flip:

Rehab Fix & Flip Recourse

We fund up to 90% acquisition

We fund up to 95% rehab budget

We fund 75% LTV/ARV

We will fund the lower of the acquisition + rehab OR LTV/ARV whichever is lowest

You will call Granite which is the 3rd party inspector once you have completed portions of your budget and are ready for your inspection and release of some funds. Please note; you must have line item 100% completed in order to receive the 100% of that line item draw

You will be charged interest payments on the entire funding “Acquisition + Hard Costs to Build”. We do not do balance accrual at this time.

Please note you will fund your initial hard costs we will reimburse work completed

Please know for Fix & Flip and New Construction:

Multi-Family/Mixed Use

We fund up to 80% acquisition

We fund up to 80% rehab

We fund up to 70% LTV/ARV

We will fund the lower of the acquisition + rehab OR LTV/ARV whichever is lowest

Please note: Multi-Family/Mixed Use properties will be constrained to a loan amount equal to the lower of calculated cash flow, cost or valuation requirements. Mixed use properties with average individual residential units valued greater than $250,000 per unit are not required to meet cash flow requirements, however are subject to cost and value requirements.

Please know:

All Borrowers Must Sign an ACH form with docs – funds automatically withdrawn from account for monthly IO payments on each transaction

Welcome to BP.  @Jeffrey Isenberg also has a great meetup in Sherman Oaks focused on Multifamily investments in SoCal.  

I noticed this topic is picking up some traction again in other forums.  Thought I should leave a link for my solar panel guy here http://www.geelectric.us/

Mike McQuillen is the man!  Not a BP member but he's definitely who I would recommend for any property owners in the Ventura, Santa Clarita, and Santa Barbara counties looking for help with solar panel installation!  He also makes some badass fishing lures!  https://www.instagram.com/deadhorsebaits/?hl=en

@Eric Black @TJ Moreno

TJ, you'll definitely have options. In fact, we have a handful of commerical wholesale lenders who offer 30 year terms, 70-80% LTV on Cash Out Refis in the 6-8% range. Sending you a PM now.

@Account Closed  We already have a pretty lengthy thread on this topic here:

 https://www.biggerpockets.com/forums/311/topics/56...

Includes great discussion between solar professionals, investors, etc.  Check it out.