All Forum Posts by: Andrew Zamboroski

Hey BP Community,

I’m in a situation with my hard money lender that I’d love some advice on.

Currently, I’ve been working through a hard money broker to secure funding for my deals. However, I’d like to work directly with the lender moving forward to streamline communication and save on broker fees.

There’s no legal agreement binding me to the broker. However, the lender is hesitant to work directly with me because they’re worried about damaging their relationship with the broker, who could potentially take business elsewhere.

Has anyone dealt with this type of situation?

• How did you approach the lender to convince them to work directly with you?

• Any tips for maintaining good relationships while making this transition?

• Am I missing any ethical or reputational concerns I should be aware of?

I appreciate any thoughts or experiences you all can share.

Thanks in advance!

FICO score 790. Step down PP.

Hi everyone, I purchased a house in PA last October all cash and am hoping to refinance. Here is a summary of the loan I was looking at:

As-is-Value: $335,000
Loan Amount: $250,000 (~75% LTV)
DSCR : 1.22x
Term: Standard DSCR 30-year fixed

Interest Rate: 7.125%
Origination Fee: $3,750 (1.5%)
Service Fee: $999
Pro-rated Interest: $1,345.94

It's a single-family house with a two year lease currently signed for $2,850 a month. The monthly P/I on this loan would be $1,684.30. I work a W-2 job so I have additional income and my credit score is in the 760s. 

I plan to hold the house "forever" and want to continue to expand my rental portfolio. I'm mostly concerned with keeping the monthly P/I low to have cash flow and I greatly appreciate the stability and predictable expenses of a 30-year fixed loan. Please let me know your thoughts on this and if the rate and overall loan seem to be good enough. Thank you!

Got a DSCR loan quote for a 3-family purchase and wanted to get a gut check from the community. Here's the summary:

Purchase Price: $650,000
Loan Amount: $487,500 (75% LTV)
Down Payment: $162,500

Loan Terms:

• Interest Rate: 7.00% (fixed)

• PITIA Payment: $4,552/month

• Eligible Rent: $7,000/month

• DSCR: 1.54x

• Term: Standard DSCR 30-year amortization

Closing Costs:

• Origination Fee: $6,094

• Lender Fees (UW, Doc Prep, Processing): $1,745

• Estimated Title Fees (1.25% of loan): $6,094

• Estimated Escrows: $3,925

• Total Cash to Close: $180,358

• Assets Required in Bank: $40,965

Property is a fully rented 10-bed triplex in a strong rental market. We're factoring in 10% for property management, with estimated expenses at ~$25K/year. NOI is around $59K.

Looking to hold long-term with 2 other partners. Numbers work on paper, but wanted to hear what others think:

Are the Origination Fee & Lender Fees high? 

I recently decided to start flipping houses as my full-time job. I’ve known for a while now that I wanted to make a career switch into real estate and was waiting for the right opportunity but decided I was tired of waiting and decided to go all in. I bought a 2-family house in Wakefield a couple years ago that I have been using as a house hack so I’ve had a little bit of experience but not much compared to what I will be doing now.

Currently I have around $50k of savings that I can invest and $300k in my 401k that I am very willing to use, either as a loan (I believe the max is $50k) or a full withdrawal (which should be a little over $200k after taxes & fees). I am looking into all options for funding though, including private money lenders. I think this is the biggest hurdle for me at the moment and the area I am most uncertain about. If anyone has any thoughts on this or general advice about getting into the house flipping business, please feel free to comment or reach out to me.

Hello, Im searching for referrals for conventional lenders in the central Massachusetts area that process Fannie Mae's 5% down for owner occupied 2-4 unit multi family properties. Our current investment properties are in Texas and Maryland, and we are making the move now to Mass. 

Any referrals would be appreciated.
 

We're finishing a BRRR that we've decided to move into for two years. We're planning on using a conventional 30 year mortgage unless there is something better that I'm missing. We're looking at a just under 7% rate, no points, with one free rate reduction within the first year (cause rates are doing down, right?!?!)

Are there any better options? Thank you!

Hi everyone,

I've seen a lot of different numbers floating around regarding down payment requirements for foreign investors looking to qualify for a DSCR loan in the U.S.

What is the real down payment typically required? Is it 35% down (65% LTV), or is it higher in most cases?

Thanks in advance for clarifying!

Ron

Hello,

I purchased a home on acreage to flip however it was so eaten up by termites it had to be taken down to the slab. That’s where it became new construction. I use my own money to fund so I don’t have any relationships with lenders. I need $85k to finish the home with a market price in the $430k to $450k range. It’s a high end build  in an in demand area of SE Georgia near Brunswick.
I’m not sure what type of loan I’d need for this. Equity, new construction? It would be great to find a private lender to get it done quickly. This is easy money for the lender. 
Property is free and clear on acreage. 

Any advice? If you’re a lender that’s interested I’d love to hear from you. Thank you.