All Forum Posts by: Clay Sexauer

@Melvin List Thanks for the reply! Does C2 Financial do business in Texas?

Good Afternoon,

I'm currently shopping around for a lender who can do a cash out refi on an investment property with 46% LTV. I'm very familiar with HML rates and will not qualify for a conventional mortgage. Can anyone recommend a private equity lender? Are their rates and fees typically lower than HML's?

@Matt H. @Kerry Boyle @Stephanie P. @Jay Hinrichs

Thanks for all your input! I was able to do more research, spoke to more lenders and secured a HML with much lower fees. Stephanie, I'm holding an 18 month loan because I have a bankruptcy on my credit due to a business loss. Due to federal guidelines, I will not be about to obtain a convention mortgage until October 2018.

I currently have a property under contract at $135,000, rehab is $30,000 and my ARV is $235,000. After doing my due diligence, I want a bit more wiggle room in the rehab, simply for the unknown because the house is 60 years old. If I go back to the seller with an offer of $125,000 (due to the amount of rehab), what are some successful strategies you have used to get the seller to come down on the sale price?

I currently have a buy and hold deal under contract. The contract the sales price is $135,000, my rehab cost is around $30,000, and my ARV is $235,000. After doing my due diligence, I realize that my budget for rehab could end up around $35,000. I would feel much more comfortable if my sales price was around $125,000. What are some of the best strategies to handle this with the homeowner? Keep in mind, this is a deal between myself and the homeowner, real estate agents are not being utilized.

Thanks for your response Jay, I was thinking the same thing but I wasn't 100% sure with this being an 18 month term.

Hello,

I'm currently in the middle of obtaining an 18 month hard money loan. I was wondering if the additional fees associated with obtaining the loan are industry standard.

Points: 4

Interest Rate: 12%

Appraisal Fee: $450-$500

Budget Review Fee:

CMA/BPO: $150-200

Property Inspection Report or Site Inspection: $200

Processing: $750

Underwriting $500-$995

Loan Set up: $250

Construction Control Fee: 1% of escrowed amount and $175 per draw

Doc Prep: $750-$1500

If I'm doing my math right, I'm looking at $6,500 in loan origination, $5,500 (more or less in additional fees), plus escrowed taxes and insurance. 

Please let me know your thoughts.

Best!

Clay