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All Forum Posts by: Andrew Zamboroski

Andrew Zamboroski has started 0 posts and replied 282 times.

Quote from @Anthony Sigala:
Quote from @Jaycee Greene:
Quote from @Anthony Sigala:

I am seeking a loan on a LTR that has a rent to value of 1.3% with the potential of 2%. 30 year amortization or interest only. DM me if interested.

Hey @Anthony Sigala! Can you share the ARV and average rents for the property, along with the zip code of the property and the number of bedrooms?


 Hey guys,

Let me know if this helps. 

Loan Amount 110k

Currents Rents $1,375/mo

Market Rents $2100 

5 bed 3 bath


 Happy to look at pricing for you with additional details.


cheers!

Post: Refinance DSCR Advice

Andrew ZamboroskiPosted
  • Lender
  • Posts 291
  • Votes 78
Quote from @Alex Patton:

I know there are hundreds (thousands probably) of lenders out there that offer a DSCR product. I am posting here because I am looking for some advice or recommendations from other investors who can recommend a lender that they had a pleasant experience with. We are a small partnership with 4-5 properties currently, but we are growing and hoping to find a reliable lending partner that we can do repeat business with.

About 3 months ago, we successfully completed a BRRRR deal where we had excellent numbers, over a 1.25 ratio at 75% LTV, our guarantor partner has an 800+ credit score, and we had no issues qualifying for the loan. However, the process was extremely cumbersome, communication was inefficient, and the loan fees were inflated compared to other deals I have seen from fellow investors.


We will be ready to begin the refinance stage of our next project in the coming days, as renovation is finishing up and we are screening tenants. We have a somewhat specific wishlist for lending requirements and terms that I will highlight below. Any recommendations or advice on how to attain this would be very much appreciated. We currently own the property free & clear.

This is what we're looking for:

Credit screening for Primary Guarantor partner only (81% ownership stake)

Minimum 75% LTV on refinance, we've heard of 80% LTV on a DSCR purchase but haven't been able to find anyone to do that on a Refi

0% Origination fee

Title in LLC name

Sorry to hear about your prior experience! The credit thing should not be an issue for many DSCR folks like myself. 80% ltv may be an option, but,
I have seldom found the tradeoff in cost/rate to be worth it in the last 12 months. 0% origination is possible, but, as others have said compensation is received in one fashion or another (higher rate, processing fee, etc.). It may be more worthwhile to find someone who has reasonable fees for their service as my two cents.

I hope this helps in some way!

Post: Multi family loan

Andrew ZamboroskiPosted
  • Lender
  • Posts 291
  • Votes 78
Quote from @Joseph Mena:

Are the going/common down payment minimum for duplex's (20%) tri/quadplex (25%)?

Investment property (not primary residence)

So it depends on the type of financing. DSCR versus conventional for example. On DSCR, you can do 80% on either usually.

cheers
Quote from @Jill Young:

I'm interested in purchasing a property in Texas (that's in a great location for STRs). It's an acreage property near the lake that has a main house (2/1), guest house (3/2), and small studio-layout unit (3 units on same property). The guest house has STR rental history but the other two units would need to be based on projections. It's a million-dollar property. I don't know what the 'appraised' value would end up being. I also have personal W2 income, if that matters.

Is there a loan out there for a set-up like this at 15% down? 

Speaking of DSCR in particular, 80% will likely be your best bet versus 85%. Consider 80% with some seller concessions to bridge the gap!
Quote from @Laurens Van swol:

We are exploring the possibility of purchasing an investment property in Florida. As U.S. citizens residing in Europe, we are required by the local tax code to hold the property in our personal name. However, our research indicates that many DSCR lenders require Florida properties to be held in an entity.

Are there any DSCR lenders that offer loans for properties held in a personal name?

It does depend on the lender. From my understanding, many require it be held in an entity name for compliance reasons.

Post: Searching for a good dscr lender

Andrew ZamboroskiPosted
  • Lender
  • Posts 291
  • Votes 78
Quote from @Cameron Porter:

When finding a dscr lender how do you know who to go with? How do you check how reputable a lender is

Happy Sunday! I’m local to the area and do many projects on Detroit. Happy to chat and weigh in. If I am not a good fit, I should be able to point you in the right direction.


cheers!

Quote from @Nick D.:

Hi, long time follower, however not too much on posting.

Goal: I’m looking to purchase a 3 family property in central CT.

Position: Currently I own two condominiums that are under an LLC. Both will appraise around 180-200k each. Both are rented. One has no mortgage, their other has a HELOC for around $20k remaining and is coming to its 10year term that was established before placing with LLC.

My predicament is how/best way to pull equity out of either property for a down payment for the 3 family that is valued around $450k.

Any advice, guidance is greatly appreciated!

TY

A DSCR loan could be a great way to cashout the properties. They can also be more forgiving on condos (warrantable versus non) at times. If we can help, feel free to reach out!
Quote from @Diandre Pierce:

I have 7 rentals with a total available equity of roughly 800K. I am trying to purchase a mobile home park that is already in a system of Mobile home parks that profit 87 percent for the last 15 years. I am thinking I should use a DSCR loan. can anyone help me with this process

As others have said, mobile home parks can be a niche thing to finance. They're not a standard DSCR collateral choice. You may be better off refinancing the properties you do own to accomplish things. Happy to help there if we can.

Quote from @Matt Meier:

Good morning,

I’ve come across a renovation property available at a significant discount and would like to secure it without going the traditional 6-month financing route. We estimate the project will take less than 3 months to complete.

I’m exploring alternative short-term financing solutions and would appreciate any advice or recommendations on options that might work well for this type of project.

Thank you in advance for your insights and assistance!

The classic BRRRR strategy could work great here. Acquiring in cash or with a fix and flip loan. Once complete, refinance into a low or no seasoning DSCR loan. Plenty of lenders like myself here can help you on both sides.

cheers!
Quote from @Frank Pyle:

My client recently purchased a home with a hard money loan and have successfully rehabbed it for use as an Airbnb rental. It has been operating for 2 months now. Our lender has informed us that we need 12 months of rental history to use the actual rent for financing purposes, or we must rely on the appraiser's fair market short term rental value. The challenge we're facing is the lack of short term rental data for the appraiser, and we won't know if it will meet the debt service coverage ratio (DSCR) requirements until the appraisal is complete.

Has anyone dealt with a similar situation? Do you have any suggestions on how we can secure long-term financing under these circumstances?

Thanks in advance for your help!

As others have said, the right DSCR lender should be able to do this. We have used actuals and projections from air dna to come up with rent. Happy to help if I can.

cheers!