All Forum Posts by: Craig Warner

We make 2nd mortgages on investment properties, the CLTV is usually capped at 70%. We can use alternative documentation if self-employed such as 12-months business or personal bank statements. We can also go full documentation if employed. Min loan amount is $100,000, rates mid 11's based on FICO. We do not offer DSCR 2nd's.

0 Votes

Jersey City, New Jersey

Is it 30 day mortgage lates or something else?

0 Votes

Quote from @Todd Fry:

I own a unique mobile home park in South Carolina that's relatively small (5 acres) comprised of 12 lots (I own 8 of the homes while the other 4 are owner-occupied and charged lot rent) along with a house (3 units). All units are currently rented. I have just over $200K left of owner-financing, but I'd like to obtain a cash-out mortgage/loan of $500K (ideally) to be able to pay off the previous owner and make some repairs, etc. I'd estimate the current value of the property around $1M. Are there any lenders on this forum that would be willing to loan?

Its a possibility but would need some more info

What is the pad rental income only along with the other items below which I need for pricing.

Property Address (so I can view the property and confirm that it isn’t rural):

Your Approximate Credit Score:

If occupied by tenant(s) what is monthly or annual income:

If you like you can PM me too.

Thanks

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Hello,

We make loans to cannabis industry owners as owner occupied, requiring 10% down payment, even using alternative documentation too. No tax returns. The property must be a legalized state. We closed a 2.5M purchase here in So Cal using 12 month business bank statements for a dispensary owner. 30 year fixed rate in the mid 7's.

Alternatively, you can go the conventional route, but you cannot have ownership in a cannabis business, ie: a W-2'd worker, lower down payment.

If you want to brainstorm, lets talk to see what may be your best options.

Thanks

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Yes, we make land loans. Not sure if it fits your parameters though?

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Quote from @Austin McDonald:

Hi, I am newly under contract for my first investment property, a duplex we plan to live in and rent out.

I just got the first estimation for my loan/closing costs, looking for any assistance on analyzing if these costs make sense. I'm a newbie so not trying to be taken advantage of.

I'm financing 171k and using a 5% conventional loan while also taking 5% DP assistance through OHFA.

I do notice I got charged a Loan Origination fee twice, each for $855, I'm feeling that shouldn't be the case. I was told by my lender that these costs should come down more as some of the title fees are conservative estimates at this point. Looking for any insight as I originally expected only to be total out of pocket under 5k, thanks.

Congratulations,

These costs look reasonable, but as you mentioned a double origination fee that they'll remove, so all good. You didn't mention the interest rate or FICO score though, so that can be reviewed too.

1 Vote

Cleveland, Ohio

BTW, long term 30 year fixed rate in the 7's. Can lend in All legalized states.

0 Votes

Los Angeles County, California

Quote from @Alex Sinunu:

Hi, I'm exploring the purchase (less than $1million) of a cannabis dispensary in Southern California. The building is currently owned by a reputable cannabis retailer, so the sale would be a sale/lease back. They are offering lease terms with a cap rate in the 12-14% range. My hope is to finance 50% of the purchase. There are a few banks that offer lending, but the terms are terrible. Are there any DSCR lenders that work in this arena? -Thanks, Alex

Hi Alex,

We offer loans to self employed cannabis industry owners for owner occupied residential real estate. I recently closed a primary residence owner occ residence in Malibu, CA, qualifying using 12 mths bus bank statements for a dispensary owner.

Are you trying to purchase the commercial property and dispensary business and inventory?

Craig

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Los Angeles County, California

Update:

We can go to 80% LTV as long as you have a 725 score and property cash flows and is not considered Rural.

Be happy to discuss..

Thank You

Craig

0 Votes

Branson, Missouri

Quote from @Tina L King:

I thank you all for this post because I'm a new investor/buyer that's looking for a mentor for my first project and the amount of people Agents/Brokers that's will to help with a steep fee. I don't mind paying because I do believe in paying my dues starting out in anything. But paying upfront 12-15,000 of money you don't have "at the beginning" is steep. I can see at the end of contract, guaranteed a successful sale,of course I'll pay for your time, knowledge, and appreciation,but at the same time, is anyone really trying to help someone else win and have a successful start.

Yes, sharing is caring. It's not all about the money. Why not? Pay it forward......

2 Votes

All Forum Posts by: Craig Warner

Craig Warner has started 0 posts and replied 76 times.

Post: DSCR Lenders willing to take a second position

Post: DSCR HELP- Closing Oct 4th

Post: Small Mobile Home Park Financing

Post: Co-signing for child/ cannabis industry issue

Post: Any loans on vacant land?

Post: Looking for help analyzing closing costs- first Investment property!

Post: DSCR Loans on purchase of dispensary

Post: DSCR Loans on purchase of dispensary

Post: Multi-Family Properties advice and Need financing

Post: REI Mentor/ Coach