All Forum Posts by: Alex Bekeza

Just one of many points to cover... If the property has a tenant, preferably in a long term lease, perhaps you could highlight their stability and position in the economy.  

Also make sure to highlight any potential for lowering operational costs, raising rents, as well as value-add opportunities.  

With over 80 Lenders within our database. We can confidently offer custom tailored financing on SFR 1-4s, Multifamily 5 + Units, Mixed-Use, and Commercial Properties.

No Tax Returns? No Problem. We offer asset based programs for investors who have been turned down by the banks because of Debt-to-income ratios or maxing out their mortgage limits.

We offer everything from 1-year interest only fix and flip loans to 30 year, fully amortized mortgages for your long term buy and hold rental properties.

We can assist with every stage of the BRRRR strategy and keep your portfolio growing at the speed you want. We can acquire the property with hard money very quickly and have solutions to overcome potential seasoning requirements when it comes to refi.

Feel free to send any questions to my email at [email protected]

Additionally, here is a link to our borrower questionnaire. A completed questionnaire, schedule of real estate, and a copy of a recent credit report (credit karma ok) would give me everything I need to generate a specific pricing on a given scenario.

https://forms.zohopublic.com/landbrothersrecom/for....

All the best, 

Loans_By_Alex

@Navin Francis that's awesome, I'm glad you found a solution!  I love brokering commercial loans because so many of them are willing to be flexible with the nuances associated with certain properties.   

@Robin Searle Thanks for the update! I'll be sharing this with my family in Colorado. Every city in the nation is scratching their head at how to regulate this stuff. At the same time, it's very hard to get financing on the STR properties because lenders can't securitize the loans to sell on Wall Street in most cases.

I hope you come out on top of the ruling!

There is more and more pressure on lenders to ease their seasoning requirements to beat their competition.  I sent you a PM to get some more info.  

Many lenders will be flexible with it given certain conditions such as the person on title remains the same and the property is either rented out or there is a letter of intent from a near future tenant.  

@Tim Coulter sounds like you have the right idea!  Don't worry.  You are correct, you have every right and it is in your best interest to test multiple brokers to see who comes up with the best deal.  Of course, after a while you'll build trust and feel confident one broker is giving you the best thing out there.  

Best of luck on the next project!

I know I'm late to this thread but wanted to post because I recently found a newer commercial lender who will lend off of the appraised value after only 3 months seasoning! This will be a game changer for BRRRR strategists who complete their renovations and get the property rented out this quickly. Seems a few funding sources are trying to leverage this as a competitive advantage.

Are the 2 duplexes located on parcels which touch each other?  If so, there are several commercial lenders who would do a cash out refinance under one mortgage covering both of them.  

@Tim Coulter It can be frustrating as a broker to spend hours trying to structure a deal for someone who ends up going elsewhere but it pretty much comes with the territory to a certain extent.  I think that you sound very conscientious about the value of each of their times so just continue be as honest and forthcoming as you can with each of them.  

I've personally never told someone that its not going to be a good fit if they are shopping me around hahah Saying that pretty much breaks my promise that I'm working with the borrower's best interest in mind and if for some reason I'm not able to recognize the best program for that person and another broker is then kudos to them.  They deserve the deal as unfortunate as that would be for me.  However, I do try to understand all expectations and limitations up front.  

The truth is that if you give as much information up front and the broker knows exactly what questions to ask in order to determine which lender's guidelines/programs would be the best fit then that first broker should be able to come up with the best terms available for your scenario.  

Like anything else, of course brokers have niches or certain types of programs that they know back and forth and others they may be aware of but need to study up on in order to truly sell/execute. Personally, I'll be honest and say I'm no expert in FHA 203k loans. If a friend came to me for help on an FHA 203k loan for their house of course I could help them but its not something I'm out there trying to solicit business on really. Its on the back burner of things I'd like to study and be able to push. Until then, I'd defer to someone else in my office who would hit it out of the park.

A very common thing I see is people have a "mortgage buddy" who is great at residential stuff but totally novice with non owner occupied investment property loans.  That is why from the beginning I made the latter my main focus.  Not to mention I prefer dealing with investors simply because its more business and less emotion.  

Commercial rates on SFRs are somewhere between conventional full doc loans and hard money. On average range from the high 5% to low 8%  plus or minus depending on some specific adjustments based on property type, location, credit, experience, etc. I'll shoot you a PM with more details because I can't really be looking like I'm selling you something on the forums but figured this was good info for anyone tuning in to the conversation.  

All the best, 

@Loans_By_Alex