All Forum Posts by: Bobby Feinman

@Chibueze Nwadigo Our DSCR loan has either no seasoning or 90 days seasoning (virtually the same as no seasoning lol) as long as rehab was done to the property. Happy to jump on a call to discuss further.

Bobby

@Chris Bauer great question. Our DSCR loans allow up to 75% cash out. Not sure how much you were looking for and how that compares to a HELOC. One big advantage to our DSCR loan vs a HELOC is the underwriting. We do not require tax returns or proof of income and there are no debt to income ratios. Credit score and LTV drive the rate and the DSCR calculation (income/payment) determines the max loan amount. Hope that helps you some.

Happy to jump on a call to discuss further.

Bobby

Good morning Alex. I live in VA Beach and the Atlantic Fleet of the Navy is headquartered here, as well as NATO North American headquarters, Air Force, Army and Coast Guard bases. THANK YOU for your service!

Would love to jump on a call to learn more about your goals and how CCF can assist you!

Bobby

@Naeima Santana Happy Friday! I have been a full time lender for almost 4 years. I spent the previous 20 years on your side of the fence as a new construction builder, landlord and fix & flip investor. SO...I think I fit the job description except for the fact that I am not local lol. My team and I have over 40 years of combined experience in the space and our clients tap into all of that experience when they do business with us. 

Happy to jump on a call to discuss your goals and future funding needs!

Bobby

 Great question! I think the other replies were spot on. I would also add that you should check references and testimonials on lenders on this site from other investors like yourself that post on here. 

Bobby

@Phillip Rosin As a private lender, we do not use taxes, income and DTI ratios to qualify you. In addition, I think our DSCR rates are very competitive with conventional rates. Based on that, you might want to consider that option. There is also no limit to the number of properties that can be financed with our DSCR loans. Happy to jump on a call to discuss further!

Bobby 

 @Phillip Rosin - Based on the info you provided, I recommend that you start with a Fix to Rent short term loan to purchase the property and rehab it, followed by a cash out refinance into our DSCR loan. The beauty here is that you will be able to get back your initial cash invested in the deal when you refinance. We have no seasoning requirements as long as improvements are made to the property. If you use a DSCR loan to purchase the property, all of your cash used to buy and renovate will be stuck in the deal. Hope this helps. Happy to jump on a call to discuss further!

Bobby

 Happy to jump on a call to discuss further!

@Jamy Lomento Good morning. Finding distressed properties to rehab that will increase value is always a better strategy as long as you have the right team in place to execute successfully. Specifically, having the right GC in place that can be trusted and will complete the project on time, on budget and correctly. 

I want to point out another issue based on you being a first time investor. The 3 things that lenders need to underwrite with respect to the sponsor (borrower) are credit, liquidity and experience, especially today with the current state of the economy, political uncertainty, etc. Being a first time investor is an issue and it sounds like liquidity might be an issue as well. 

I would suggest that you consider taking on a partner for your first deal that will solve the experience and liquidity issue. Hope this helps. Happy to jump on a call to discuss further!

Bobby

@Helen Lowery

I am right down the road in Virginia Beach. Would love to connect!