All Forum Posts by: Bobby Feinman

@Derek Stevens

Hey Derek

I looked up Dripping Springs and it appears that the property will be classified as Rural. That can be problematic with most lenders, as most stay away from making rural property loans. 

We make a lot of rural property loans. Happy to assist in any way we can!

Bobby

@Tiffany Henning

We offer DSCR financing on rural properties. Would love to learn more about your project!

@Jace Perry

Good morning Jace. As Zach said in his post, 80% is the max LTV on a rate and term refi. That is also the case on a DSCR purchase until recently. I am now able to offer 85% LTV on a purchase only.

In terms of a cash out refinance, the industry standard is a max of 75% LTV. I have a program that will go to 80% on a cash out depending on the state the property is in.

Hope this helps

Bobby

@Michell Chase

Good morning Michell, I want to address your comment that you are beginning to buy other investment properties under your LLC. This strictly relates to asset protection. If the properties you are buying with the same LLC are to be renovated and sold, that's fine. However, if you are buying multiple properties to keep in your rental portfolio, I strongly suggest that each property have it's own LLC.

The reason is simple...asset protection. If you own multiple rental properties in the same LLC and, god forbid, something goes wrong with one or a few, the rest of the performing properties are put at risk since they are also owned by the same LLC. Having each rental property in it's own LLC eliminates that risk and each property will stand alone and not be put at risk by another property that is not performing.

Hope this helps!

Bobby

@Josh Cocker

Hey Josh and happy Friday! I am a lender in Virginia and would love to assist you with this!

Bobby

@James Jeffery

Good morning James. I am located in VA Beach that does a lot of business in Norfolk. Where are you in the project? Do you have building permits yet?

Bobby

CCF is Pleased to Offer its Expanded Fix & Flip/Rent Program

     *  RURAL PROPERTIES ALLOWED !!  First-Time Investors, Foreign Nationals and ITIN's Welcome!          

@Griffin Malcolm

Good morning, hope you had a good weekend. Credit score and experience level are the key factors to how much leverage we can provide you. the standard is 80% of purchase and 100% of rehab and those deals are the easiest and fastest to get funded. We can possibly increase leverage to 85/100 starting with your second deal. 90/100 comes after 3-5 exits. Hope that helps

@Virginia VanOeveren

Well said Virginia. Even though we do run credit and background, I refer to us as private money lenders rather than hard money lenders based primarily on the cost of capital. True asset based hard money lenders that do not consider the borrower's creditworthiness typically are a lot more expensive than we are.

So, to me, I usually tell people that the primary difference between PML's and HML's is cost of capital. Hope that helps.

@John Cardinale

Hey John, happy Sunday! How much will you need to spend on the renovation? DSCR loans do not come with rehab funds. They are to be used once a property is renovated and stabilized.

Having said that, happy to jump on a call to discuss further!

Bobby