All Forum Posts by: Alex Bekeza

@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. 

Well done!  Was purchasing cash the only way to secure the deal?

@Larissa Luna I hate to say this because I know you must be so energized to get another deal done but my gut says throw it all your credit card debt first. You will have such an easier time financing future investment properties with a better score. Hard Money and Commercial options won't care about your DTI but FICO will affect pricing big time.

@Raden Mantuano I do have one lender with a $50k minimum and doesn't require any previous experience.  They lend in over 30 states but not sure where this project is.  Feel free to shoot me an email or call my cell.