All Forum Posts by: Brandon Croucier

You have 600,000 problems.

Bridge lenders (HML) Want low LTV (65% Max Typically). They also want a priority lien on the property.

It sounds like you are looking for someone to fund your down payment, I would be looking for an equity partner over debt as nobody likes to lend money in insecure positions, especially when a borrower lacks skin in the game.

How much are you planning to come in with yourself?

What is the purchase price?

What kind of commercial building is it?

Commercial lenders do not need to be local.

Depending on your goals will determine the right product for you, is this a value add opportunity or is it a stabilized 18 unit?

How many units are we talking?

Is this a 1-4 or a commercial deal>?

Most lenders sell their loans out.

Nobody wants a loan where the asset is underwater every month.

The real question is, why is a property worth over $1M only producing $4,000/mo.

You should consider raising rents as this seems significantly below market.

Is the property stabilized or is it a value add?

Just call a local real estate attorney , they will draft up a note and deed of trust for you for a fee :)

I'd save yourself from the headaches and just buy it with a DSCR loan.

This is a hard money product,you typically just need a 10-20% down payment, funding will be 80-90% of Purchase Price + 100% of rehab cost.

AS LONG AS THE TOTAL LOAN AMOUNT IS LESS THAN 70% OF THE ARV

Once the project is complete you can then refinance into a DSCR loan.

Investor friendly lenders specialize in the acquisition of investment properties typically.

What is the issue? Is your DTI too high to qualify A paper/conventional?

Primary Residences do require licensing in the state of Virginia so most of us here on BP will not have that.

Call up a local mortgage broker and they should be able to assist you!

Is the property stabilized or are you looking for a value add play?

Do you have experience owning multifamily commercial? 

Depending on your goals, your experience , liquidity/net worth will determine the right product for you.