All Forum Posts by: Andrew Zamboroski

I'm working with one of the lenders I used to work with. He processed this loan as a Conventional but this needs to be on a DSCR loan. Does anyone expense this with United Wholesale Mortgage? And does this closing cost make sense as well? He is running my soft credit for the loan guarantee and it will be on LLC. Does this seem right?

Clayton was spot on with his assessment. It is hard to help evaluate the closing costs without that page that lists the costs. Unless something has changed with UWM, their loans likely still report to personal credit, even if vested in an entity. This is common for many traditional or non-qm outlets from my experience and is a good thing to check with your broker.

Cheers!

1 Vote

Cleveland, Ohio

Quote from @Caitlyn Frizzelle:

I’m looking for non-conventional lenders and posted on FB groups for recommendations/contacts. I received quite a few replies directly from lenders themselves. How can I tell if a lender is legit?

Also, if you have any you’ve worked with I the past, would appreciate recommendations!

TIA

As others have said, many will have an NMLS. There is also something to using your instincts and best judgement. If someone is telling you things too good to be true, creating unnecessary pressure, etc. it’s usually a red flag. Many non conventional lenders here that can help!

0 Votes

Toledo, Ohio

Quote from @Donyea Jenkins:

I think I am almost ready to take the leap into investing. I have seen deals that I was researching be purchased so I know I'm on the right track for what I am looking for. I am open to hard money now and have a couple of products I am interested in thanks to talking to one of the lenders in the Bigger Pockets Community. Hoping to find someone who is willing to walk me through how to use the products correctly. The products I am looking at are:

Purchase and rehab loans

DSCR loans

My biggest question is the transition from Purchase and Rehab Loan to DSCR Loan and how that looks. Also, how my niche, Total Rehabs, may make it harder to use hard money. Any direction is appreciated and look forward to talking to you.

Usually the transition from hard money to a DSCR is much easier than a typical refinance. With shorter seasoning periods (or none), you can usually refinance once the property is complete up to 75% of cashout. Happy to answer any specific questions.

1 Vote

Birmingham, Alabama

Quote from @Connor Castillo:

Hi all,

I have two rental properties. One of them is in Columbia SC and the other is in Chattanooga TN. They are both long term homes with conventional loans on them. One has a 7.25% interest rate, and the other is a 7.125% rate. Does refinancing make sense right now?

Thanks

Connor,

Based on your current rates, I would not think it would make enough sense to refi for rate alone. Remember that when you do refi, you should have a positive gain from it (tangible benefit) to outweigh the costs of a new mortgage.

best of luck!

0 Votes

Quote from @Yael Maroko:

Hi,

I started a loan process with a certain lender (private company, not a broker), they did the appraisal (which I paid for of course), at some point I decided we were not the right fit for me and I decided not to proceed with them.

I understand its common practice to ask them to send the appraisal to the new lender be email (that's what the my new lender asked me to do - I have the appraisal, but he needs to get it from them)

I asked that from the former lender, but its been a few days and they did not send it yet.

Any advice on how to expedite it? Or I should just wait a few more days, send them a few more emails about it and hope someone will bother..

Thanks

So sorry to hear about this! Nothing more frustrated than trying to transfer once it is already done. The new lender may be able to transfer it without a letter or order a lender name change with the appraiser. We do not offer it direct, but, do have a wholesale program where there is usually no need to involve the other lender as long as you have the report.

cheers!

0 Votes

Quote from @Raul Gonzalez:

Hello guys,

I am not sure if I am allow to look for private lenders through the forums so my apologies if I am not, but here I am.

Like the title says, I am a rookie looking for funds. My agent sent me a fix and flip property that has potential in doubling its ARV from asking price 235k to ARV 425k with an estimate rehab cost of 65k. My goal is to fix it and do a dscr refinance to be able to hold it. This would be my first deal as well so if theres any lenders that would like to invest in me message me to provide more detail about the property.

This sounds like it could work for a fix and flip loan. You will likely need to bring more money to close and/or have other tradelines to make up for lack of experience. Happy to see if we can make something work.

Cheers

0 Votes

Columbus, Ohio

Quote from @Charles Wade:

Greetings and thank you in advance for the assistance and advise

I purchased my first STR using a conventional loan and in my name two years ago. The loan was 90% LTV with PMI. The property is now a STR for a year and it has already been transferred into a land trust owned by my LLC.

What I am looking to do now is to refinance the mortgage and remove the PMI as well as have the loan under the LLC and not me personally

1) Is this possible?
2) How?

3) Who?

As others have said, a DSCR loan from a lender like myself could work. BiggerPockets is full of options for you to find someone that best suits your needs.

Cheers

0 Votes

Quote from @Caleb Brown:

Have you made headway on paying it down? If you have a STR running for 2 years I am surprised it's not gone since you could throw the income at the debt. Most debt consolidations are not worth it, I would honestly focus on getting it paid off. All they do is restructure and it's still a loan you'll have to pay off. Using cards can be good but the intention needs to be to pay them off quickly or you'll run into issues like this.

To be honest, refinancing the home may be a lot more effective than a personal loan. However, there are companies like sofi who do them.

0 Votes

Quote from @Win Hopkins:

Does anyone do DSCR loans on very small properties? ARV is just north of $100k. Stand alone house on land in an urban area. Thanks!

If 100k ARV and 600 sqft, I would think you will be in okay shape with this one. A DSCR lender like myself should be able to help.

0 Votes

Allentown, Pennsylvania

Quote from @Ty Soule:

Hi all,

First post. I have been trying to learn more about creative financing. DSCR loans seem interesting, but having trouble finding a solid explanantion for them. Looking for some guidance on them, and how they work, especially for new investors with small amounts of cash (less than 50K).

Hi Ty,

you’re in the right place, as many lenders like myself do these routinely. What questions do you have that we can plug you in with? In terms of low loan amounts, there are fewer of us that do them (more of a niche thing) but in general the minimum value/purchase price anywhere is about 75k (our min for example). Even these are hard to come by, as most lenders have higher minimum value and loan requirements.

Cheers!

0 Votes

Manchester, New Hampshire

All Forum Posts by: Andrew Zamboroski

Andrew Zamboroski has started 0 posts and replied 271 times.

Post: Does this closesing cost make sense? What should I expect?

Post: How can you tell if a lender is legit?

Post: Looking for a lender mentor

Post: Refinance for two rental properties

Post: Transferring an appraisal from one lender to other

Post: Rookie Looking for Lender to Fund First Deal

Post: Guidance on refinancing from personal mortgage to an LLC

Post: Loan for debt consolidation

Post: DSCR with No Minimum Square Footage

Post: DSCR Loan Question