All Forum Posts by: Alex Church

As Nate highlighted, we are proud to have a strong base of repeat clients and a steady stream of referrals. Our Google reviews boast an almost perfect rating, and as Hannah pointed out, our NPS score falls within the "world class" range! We are passionate about what we do and always eager to help.

Additionally, it's important to note that private and hard money lending is a completely different approach for investors. Our underwriting focuses primarily on the property's return on investment and/or cash flow, rather than personal financial details. This means we don't require paystubs or tax returns, and we don't consider your personal debt-to-income ratio. Unlike traditional banks and credit unions, we don't face the same constraints, allowing us to offer more flexibility.

I've seen some good deals that my clients have brought me for fix and flips in OKC. Have you connected with a local realtor? That would be a good start. 

As far as the loan goes, you'll find that most lenders are okay with $75k+ purchase, but not as many will go below that. That being said, I have closed many loans less than $75k for BRRRR strategy without any problem. I would just recommend choosing a property that doesn't need heavy rehab. If the rehab budget is 50% or less than the purchase price with a decent ARV, you'll be in good shape.

 Yes, typically you need builders risk insurance. There are several insurance companies that provide that. 

 There is usually title, tax, and insurance for third party fees. And then there is an origination fee (usually around 1-2%) and underwriting/processing/admin fees. It depends on which lender you go with, fees can vary. 

 All of the above, and they will look at your personal debt to income ratio and likely need tax returns whereas hard money doesn't need that. 

Definitely hard money loan. You can typically get in the property with 10-20% down and the rehab budget would be included so you can pull from the rehab budget as you go along. Plus you won't need to provide tax returns or paystubs, lenders will look at the return on investment of the property itself. These loans are typically 12 months interest only.  

It depends on how much liquidity you have and how quickly you want to build up your portfolio. Sounds like you have a pretty decent cashflow already and honestly 7.6% is a good rate right now. I'd hold on to the cash and stick with 25% down, in case you need the extra cash for emergency, or for down payment on other properties. 

For cash out refinance DSCR, you can typically get up to 75% LTV (I have seen one option for 80% LTV depending on what you qualify for and the property location). So, it depends on how much you owe on the property, and the cashflow. You will need to make sure rents are high enough to cover the new monthly payment on the refi. I always take value into account, as well as how much rehab you've done (if any), when the property was purchased, credit, and cashflow when putting together a cash out refi for my clients.

There are several options for hard money lending out there for lack of credit history. I have clients with no credit history and low scores who get hard money financing for flips just based off of the return on investment. It really depends on how much value you're adding to the property. Typically the total loan will need to fit within 65-70% of the after repair value for the financing options for low credit history or low credit score.

It depends on which private lending company you go with. For DSCR loans if you have done rehab on the property, you there are several options to refinance after 3 months seasoning and use the after repair value instead of cost basis.