All Forum Posts by: Alex Bekeza

@Lee Divers

Balloon Payments can definitely be avoided. 

Many great 30 year terms available for multifamily, mixed use, and commercial as well.

@Tim 

@Tim Milazzo asks the important questions.  Lenders are going to primarily care about how this type of property cash flows. 

In my opinion it is more important to build a relationship with a broker than any one lender.  For example, we work with 85+ lenders.  The best of the best portfolio lender that you could find is still always going to be limited to his or her employers programs.  

You also have to remember that many great lenders don't even work with consumers/the public and only do business with brokers.

My personal gut feeling is that 100% financing has hidden strings.  Think about it from the banks perspective.....

There are many other ways to get into REI with little to no cash. (Seller financing,Partnerships, Syndication, Sweat Equity etc) I'd recommend ALL of these before a 100% hard money loan that destroys you in fees and fine print..

Wish I saw this sooner!  Do you have another one scheduled yet?

@Jolene Blazey whats your typical turn out for this event?  I'm interested in checking out the next one.

Hello @Alex Hamilton.  650 is the typical minimum FICO but with this program we can go as low as 620 so long as there is sufficient reasoning and good payment history.

If you have 5 or more units in need of refinancing, I can help you get into a great portfolio loan program to get them all under one loan.

-Minimum Unit Count 5 (ex. 1 duplex and 1 triplex or 5 SFRs)

-75% LTV (Interest Only options available at lower LTVs)

-Interest Rates in the low 5s to mid 6s

-5 or 10 year terms amortized over 20,25, or 30 years

-Min DCR 1.20x (1.25x for loans under 1 million)

-LLC Required

Direct Message me here on BP or shoot me an email at [email protected] so we can discuss your specific situation.

NMLS: 1711070

CalBRE: 02060751

All the best,

If you have 5 or more units in need of refinancing, I can help you get into a great portfolio loan program to get them all under one loan.  

-Minimum Unit Count 5 (ex. 1 duplex and 1 triplex or 5 SFRs)

-75% LTV (Interest Only options available at lower LTVs)

-Interest Rates in the low 5s to mid 6s

-5 or 10 year terms amortized over 20,25, or 30 years

-Min DCR 1.20x (1.25x for loans under 1 million)

-LLC Required

Direct Message me here on BP or shoot me an email at [email protected] so we can discuss your specific situation.  

NMLS: 1711070

CalBRE: 02060751

All the best,

-

With rental properties, lenders typically want to evaluate the worthiness of the property first, borrower second.  That being said, on a cash out refinance, you're going to get the lower of 70-80% of the purchase price or appraised value.  Of course if you bought these cash a bank would love to see that you've added some value.  You'd have to make your own calculations on what improvements will actually go towards getting a higher appraisal and which are wasteful.  

Lenders are going to be less concerned with it being in a "C area" (if by that you mean the part of town with more crime and poverty) than they will be about whether or not its Cashflowing!  

Do not expect an easy time or ideal terms on a cash out refinance if the property is not occupied and cashflowing.  

There's a lot more that obviously goes into this but I hope this helps and feel free to reach out if you want me to take a closer look at your situation.  

All the best,

One of the most common problems investors attempting to employ the BRRRR method run into is not meeting the seasoning requirement to get into the best refi program.

I am now able to offer a great loan program for the purchase and renovation which will feed into a no seasoning required 30 year loan:

-1 year term

-Interest Only Payments

-Interest Rates between 8.5-8.9 (minimum 650 FICO)

-75% LTV

-Simple Documentation

-NO PREPAYMENT PENALTY

Borrowers using this program will be eligible to refinance into a specific long term loan WITH NO SEASONING REQUIREMENT:

-30 year term

-30 year amortization with rates fixed for either the first 3 or first 8 years

-Cash Out up to 75% LTV

-Interest Rates Range from Low 7s to mid 9s (includes everything from residential, multi family, to commercial)

-No Lender Origination Fees other than broker fees

-Loans based on property value not borrower income

-Prepay 3,3,3 or 3,3,3,3,3 

Before you're next flip or if it is time to refi now reach out to me via email at [email protected] to get more details and discuss specific situations.

You can also learn more about us at www.landbrothersre.com

All the best,