All Forum Posts by: Copelon Kirklin

@Copelon Kirklin When can we chat? I saw your site and I can call Tuesday.

Hi All,

I have two Bond for Deed properties, here in Louisiana that I am looking for financing for. One I would like to do a cash out for $150k total loan amount (duplex) the other I would like to do a cash out for $50k total loan amount (SFH).

@Copelon Kirklin. So how are you structured on short term portfolio loans? Ideally for me 1 day is sufficent? 

Copelon Kirklin hi thank you for your reply, unfortunately the values of these properties fall under 55k. I wouldn't be able to qualify. Thank you for your response.

@Copelon Kirklin  Are there any specific hard money lenders you really stand by or recommend?

@Copelon Kirklin @Michael Blank @Marty Happle 

So are most private/hard money lenders interest only until the note is due?

This is interesting. I can't imagine him not being of the mindset 12/6 for the first deal and 12/4 for the second.

No experience, low FICO, and no cash reserves... what are the compensating factors here? Is the rent you are getting solid? Are you holding payments in escrow with him and have you decided how you will get out of the refi? 

If I were looking at this deal I would really want to know rent and exit strategy, and try to use them as compensating factors to even fund this loan at all. He must be truly asset-based and not afraid to foreclose or force the sale of the property if you can't get out (where you would pay hefty fees each month past maturity). 

Those who are saying points are high, do you know a lender who would do this cheaper with those factors?

Looking for lender recommendations on a Cash Out Refi for a rental I own outright in Burlington, IA. Property is coming up on 1 year of seasoning and I'd like to pull some cash out of it and use that as the down to pickup another turn-key property. Any recommendations, please feel free to message me directly. 

Cheers!

Ben

@Copelon Kirklin That is correct.