All Forum Posts by: Andrew Garcia

 @Seth Baumgartner, if you have no real need for a bridge loan, then you should probably look into other financing.

It can be expensive to refinance and while you have the bridge loan, you will be paying a higher interest rate.

If you would like a referral to a lender that can help you flesh out your financing strategy, I would be happy to provide one.

Feel free to reach out to exchange information.

HI @Gina Shumway, if you are going to use conventional financing, you cannot close in an LLC.

That is a Fannie/Freddie guideline so it would not matter if you were going through a mortgage lender or a bank.

Where a bank might be better is if they finance it as a portfolio loan rather than selling it to Fannie and Freddie.

For the refinance, you might want to go the DSCR or non-QM route. That would allow you to close in an LLC.

The rates are slightly higher, however.

Hope this helps! Let me know if I can be of any assistance.

Hi @Jordan Aniag, congratulations on getting your real estate license!

Excited to see how you progress!

Hi @Seth Baumgartner, a bridge loan is typically interest-only for 6-24 months with a balloon payment at the end of the period.

It is typically used to buy a property while you secure long-term financing. Then, once the bridge loan gets close to coming due, you refinance into a long-term DSCR or conventional loan.

Why are you looking to use a bridge loan?

Hi @Scott Dalziel, with the current lending environment, it will be hard to find a lender that can do 80% LTV.

I can refer you to one that can do 75%.

Feel free to reach out to exchange information.

Hi @Angel Celis Lopez, I do not know any private or hard money lenders but I can refer you to a non-QM lender. 

The loans are similar but have more structured guidelines.

Feel free to shoot me a message if you would like to get connected.

Hi @Chris Hayes, I can refer you to a lender that can help you flesh out your financing strategy.

Feel free to shoot me a message to exchange information.

HI @Dominic Boyle, there are so many great ways to find a partner.

A great place to start in BP! Connect with some local investors here.

You should also attend local REI networking events.

Events can sometimes be better because you are meeting people face-to-face.

I hope this helps! Let me know if I can ever be of assistance.

Hi @Logan Garnett, it sounds like you will either make a minimal profit or none at all.

Personally, I would not move forward. However, maybe the others on this forum can provide better insight.

Hi @Brandan Vazquez, welcome to the community!

As the others have said, house hacking is an amazing way to get started in REI.

I am excited to see where you go in the future!

If you ever need a referral to an investor-friendly lender, please let me know.