All Forum Posts by: Alex Bekeza

@John Jacobs Yes, your typical DSCR loan on a 1-4 unit property will be "full recourse". They'll allow LLC vesting and the use of LLC as borrower but will still require a guarantee from a warm body guarantor who owns at least 20% of the entity and use that persons credit score (mid FICO) to determine pricing and qualification. However, these loans typically do NOT report to your personal credit even when you're the guarantor.

@Ko Kashiwagi

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@James Wise New BP Holiday.  Next year 12/15/2024 all communication on the BP forums must be in the form of WWE GIFs. I think what we'll discover is that it's one of the most effective ways of communication and cuts down on a ton of unnecessary typing.  

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@Spencer Coomer We only need 90 days of TITLE seasoning before being able to use the new appraised value for up to 75% cash out (most banks want 6-12)

Hoping to make it in January!

@Brandon Cortes You'll likely have the easiest time with financing by being the only guarantor on the loan (as US Citizen or Perm Res) assuming you own at least 20% of the entity. Having non citizens co-guarantee would cause LTV restrictions in most cases but having them as non guaranteeing members of the LLC is not necessarily an issue. We do stuff like this all the time but happy to unpack your specific scenario on a call anytime.

@James Wise I will stone cold stunner a local bank LO in Cleveland right now.  What?! And that's the bottom line.

@Matthias Pieplak Your P & I target is achievable. The DSCR underwriting process is fairly simple. Lenders tend to offer as high as 75% LTV for cash out refinances as long as you can still meet their particular DSCR requirements (typically 1.0 or 1.1). Many lenders are taking an overly simplistic approach to DSCR which is just GROSS RENTS/PITI. (no pads for vacancy, PM, r & m, etc.).