All Forum Posts by: Ani Sanyal

Any one have any updates here re: lenders doing cash out refis in the non-QM market? I have two multi families in Newark rehabbed and ready to refi since March and all my usual lenders are frozen. 

@Kyle McCann Yeah, absolutely. Between BRRRs and purchases, I've done 4 multi family residentials in the past 3 years and currently in contract for 2 additional ones. 

@Account Closed -- I haven't entertained taking out loans on my existing properties but that might be something to explore. Thanks for the idea. I do draw an income from my business but it's intentionally minimized for tax purposes.

@Michael Corso I am currently looking for 85% financing on a long term rental loan at the moment -- will message you now.

Hey folks,

Looking for a little help here. So I'm currently in the middle of doing 3 multi-family rehabs in Newark, and naturally my agent brings me a new multi-fam deal that meets all my criteria. 

Since I am in the middle of these rehabs, I need to be mindful of cash and therefore am looking for a 15% down, no doc investment mortgage from a local/national lender. The property I am looking to purchase is turnkey and currently cash flowing at about ~$1500/mo. I am self-employed (no W2s, credit score ~780) and have multiple cash flowing properties in Jersey City and Newark already. I am looking to purchase this property to help retire my parents early. 

I have called multiple HML and local lenders and everyone is requiring at least 20% down. Would love to see if anyone on BP could steer me in the right direction here -- local credit unions, private money or HMLs. Any recommendations/contact would be a massive help. Thanks in advance!

-Ani

Hey Jarrett, were you able to figure this out? Having similar questions on a partnership I am about to do myself. 

@Chris Daliani Chris, thanks for the insight. I've been exploring that area you mentioned, and it is slowing changing in terms of demographic. St. Peters University being right there definitely helps spur that change as well, but it's been only pockets here and there.

I'd like to get into Bergen/Laf early, but the inventory down there is surprisingly low. Hopefully that changes over the next couple months, but we shall see. 

@Tim Booz Thanks Tim, it's great to hear someone confirm some of my theories about the area. It's interesting to hear that a 15-20 minute walk is something that tenants are open to. 

Thanks for the lunch recommendation! I know @Nick Intrieri and I are overdo for a catch up, so we might have to check that out soon. Thanks again. 

@Christopher Telles Chris, thank you for your reply! I was considering offering the same alternative to the buyer, but didn't know if that was way off base.

Considering no banks will loan on the property, I would imagine the seller will have this problem with most future buyers as well. Thanks for the nugget, and I will keep you posted with how things go. 

Hello all,

Long story short, I am currently in contract for an investment unit in Jersey City, NJ. The unit is in a solid location and great cash flow producing opportunities. The seller's agent did not disclose this information at the beginning, but the unit belongs in a nonwarrantable complex, meaning I can not get conventional financing.

I have been shopping around portfolio lenders for the past few weeks but haven't been able to get a decent quote from anyone. The best option I was able to get was 40% down, at 5.125% with 3 points upfront on a 7/1 ARM, which I'm really not keen on pursuing. Here are some more specs on the unit are:

Price: $79,000

Down payment: $20k (25%)

Loan amount: $59k

Addt: 750+ FICO, stable income, etc.

If I can't find a portfolio loan, what are my other options to try to get this deal done, other than to buy it in all cash? Can I ask the seller to carry a note back? I know it's a very low amount of money, which is making things more complicated. Any help would be really appreciated, otherwise I am going to have to kill the deal. 

Thanks everyone!