All Forum Posts by: Chris Cambridge

Shaun impressive you found the gusto make the move. You seem to have the goal in sight and pushing the right buttons. Let's connect on this.

John I may not be able to contribute to the project costs or trades but once you have it figured out let's talk financing.

Jason all the ducks may be in a row with credit, income etc but what's the LTV and NOI?

I think the bank is not giving you a straight up answer. If you don't mind answering what is your current NOI? Monthly payment? What are the average cap rates in area? Your refi may be based on 65% LTV=$552K or 70%LTV=$595K. Neither would matter if your cash flow can't support it.

By the way lenders that will do longer terms will offer higher rates. I hope this isn't too vague.

My suggestion is research research research! If you are comfortable with the area then go for it. Everything new becomes old after time. At the end of the day cash is king. If numbers are there and your game plan is solid step up. Your property must cash flow now if you are getting conventional funding. 

By the way I'm in the city across from Penn Station.

There are lenders doing 20-30 yrs term but you'll need more than 20% DP. Lots of what you'll run into are 5, 10, 15 term amortized over 25-30 yrs like the other posts say. Also at that price point I can't say that agency is where you want to go or even be able to.

True some lenders seem to have their head screwed on differently. Only when the borrower files BK their jaw drops to the floor. Investment properties should be closed in an LLC just that simple. Why some don't allow, not sure. Maybe they think tying up the borrower is security. There are lending programs that allow you to close in an LLC.

The stated income option is really the best way to go about it. Don't expect any crazy stuff like 100% or buying for less than it's worth to ask for more. It is about 65-75% LTV max and the cashflow should be there. You can show cash in account that would help even if no monthly income docs are needed. Your credit should be 650+ for most lenders.