All Forum Posts by: Coral Hernandez

@travis wilkes

Hey Travis,

What Greg said is correct. Once you have the deal packaged is allows for a smooth process when obtaining funding. Banks are notoriously known to have more stringent guidelines and regulations then Privage or HML.

With HML it will be a lot easier to qualify and thus close in a timely Manner. And the benefits fore mentioned above, allow you to have it based on the ARV, as opposed to the As-is value. I feel you have a strong deal here when presented correctly.

Let's connect,  and discuss this topic futher.

Thanks 

@Don Petrasek

Hey Don,

You brought up to very good points. I currently have my team looking into the first point/question you brought up. Being we do quite a bit of work in that area, we want to ensure you are appropriately informed.

I will get back shortly with what my team drums up.

Thanks for the great questions!

@Steve Francis

These are all great responses and advice. But when it comes to Hard Money Lending  each and every lender has their own set of guidelines they follow. Not every lender is the same, so there is not a cookie cutter answer. You'd have to research which Lender to go with that best fits your strategy.

I know with the Clients I work with for HML, I encourage to be up front with their plans so we can place them in the best program for their needs. Each Lender is different. I know my company will let you refinance out through them or a bank and be able to live in it. I hope this helps

@Samson Tefera

Hey, these are all great questions. Each Hard Money Lender is different. They each have their only unique requirements and restrictions. Some HML will offer an extension, but not all do. You should in all honestly reach out to your HML and find out all the details about the extension before you get to close to the date.

As for the refinance, it is important you start researching now. The Banks as well all have slightly different guidelines for their refinancing programs. Some banks require a certain seasoning period( period of time in which you must own the property), some have credit score restrictions. Also, depending where you are at with regards to the rehabd process, if the house for whatever reason is still being rehabbed at the 12 month mark, most banks wont refi unless work is complete.

These are all things to be mindful of when taking HML, I always ensure the people I work with fully understand each and every detail of the HML so that there is no surprises and your in the best position to succeed.

PM me if you want to talk futher to ensure your in best position to move forward.

Hey Stanford Walker,

     I would definitely listen to what Ken said and start contacting some banks soon. Each lender has their own set of requirements and restrictions. Each Bank/Lender has a certain seasoning period, in which the home must be owned before refinancing.  Aslo, they each have different guidelines for cash out % on the refi as well. So it would be a good idea to find which Bank or Lender works best for you now and in the future. 

   If you want to speak futher just connect with me.