All Forum Posts by: Chris Cambridge

Most likely if it's a bridge loan

Blanket loan options

5, 7, 10, 30 year terms plus I/O available

660 FICO for every guarantor

Each property value must be $125K minimum

Programs offer $500K or $250K minimum loan

Refi should debt service and is 70-75%LTV

Properties should be stable and rented no value adds or work needed

If something comes across the desk I'll reach out but which areas exactly in NY?

A little blank here. Don't know what you want or doing.

Up to 80-90% LTC, 65-75% LTV

Loans from $100k to $3mm

up to 24-month term options

650 FICO

Let's talk

Not much details given. Units, location, condition dictates the program that works for each deal. This is a guessing game don't know what you have going on to help.

Not sure why you think that is a bad quote. Don't know the details but if your credit is not 750+, cash out is more than 60% or it was asset based as opposed to full doc you should snatch that offer.

Originally posted by @Charley C.:

@Chris Cambridge

Thanks for that Chris. Very handy information. I had to complete construction and get things sort of stabilized so now I am ready. 

I do have one good question. Nationwide lending wants 100,000 population? Then how many miles radius are we talking? Make it 20 miles and we have no problem, make it 10 miles and we have a problem (and I really want an agency loan to hit the better rates)

Your location does influence the program that works for your deal as well as the short term income. Seems like you're in a tertiary market where exactly is the project?
DSCR should be a minimum of 1.35 but let's connect offline to discuss.

@Jack Rozema your options rally depend on your strategy. If you tour and see this is a value add play you may need high leveraged bridge money before locking in perm rates. Bridge doesn't have to be hard money I've seen really low rates. You can also get preferred equity depending on the true structure of your deal.

Taxable value and market value are two different things. The realtor will permanently lose your number if you entertain that as the thesis for your offer.

No but you can get pref equity if you can put up 10%+ of the required equity (meaning cash). If after that you need more than $200K for the rest of the equity there can be a real structre.