All Forum Posts by: Daniel Baccarini II

If you are looking for a light documentation option (no tax returns, PFS), then you're two options are a private lender (terms are going to be flexible) or one of the bigger hard money/bridge lenders which will have ground up construction programs that could meet your needs.

A private lender is going to have flexibility since it's their own money. The second option is generally going to be up to 80% LTC, 100% Build Costs, capped at 65% ARV.

How much ground up construction experience do you have, and do you have the capital to cover the remaining 20% of the project cost?

0 Votes

Dallas, Texas

When you are doing your calculations, what is the interest rate that you are using? A DSCR loan could be a great option if you are holding under an LLC but I'd be curious as to the interest rate that you need for the deal to cashflow for you.

1 Vote

Green Bay, Wisconsin

Kirby,

I have some initial follow up questions that might help myself and others give you the guidance that you need.

-What is the purchase price of the homes that you are looking to purchase?

-How many homes are you looking to purchase using a portfolio loan?

-You mentioned raising the rents or selling the properties. How long would you be looking to stay in the portfolio loan for?

Dan

0 Votes

Birmingham, Alabama

Quote from @Grant Lovelady:

Checking with the community to see if people are still Cash-out refi'ing. I am not scared of rates but they keep getting worse and my normal lender will only loan so small. I have a few properties I would like to refi but some do not make sense because of lender and what would be left with cash flow (almost nothing).

I could borrow still with little to no cash flow but I have never thought that was a smart play. I plan to shop around more but wondering if anyone has had success with other avenues recently. Also considering a HELOC.

Grant, I sent you a message as well. I’m still seeing cash out refinances in today’s market, but the rates and leverage aren’t as favorable as they’ve been. What specifically are you looking for that your current lender isn’t able to offer?

0 Votes

Houston, Texas

Quote from @Johnny Scott:

Are there any or does anyone know of any hard money lenders who are willing to work with a 644 fico score? If anyone knows of any lenders I would prefer one that allows the loan to be converted to 30 year. Bigger pockets community help.

There are hard money lenders that will work with your credit score range. I would be curious about what the numbers are for investments that you are looking at (purchase price, rehab, and ARV). The challenge that I've seen for investors with lower credit scores is that the both the interest rates and leverages/borrowing ability are not favorable in this current market environment.

0 Votes

Quote from @Amelia Cooper:

No, not for personal home.

Specifically asking about the refi on the rental property - the concern is if I can refi a property if they are going to use the same criteria that the HELOC lender is trying to use.

If you refinance with a DSCR lender, they will qualify you based upon the cashflow of the property. They won't use the same criteria as what your HELOC lender is trying to use. Based upon what you've shared so far, refinancing using a DSCR or bank statement loan seems to be your best option.

1 Vote

All Forum Posts by: Daniel Baccarini II

Daniel Baccarini II has started 0 posts and replied 27 times.

Post: Spec Home Lenders?

Post: New Construction Loan for 6 Lots

Post: Financing a single family home for a rental

Post: Portfolio Loans for low cost rentals

Post: Financing Options / Ideas

Post: Are there lenders that will work with a 644 fico

Post: POI for ReFi?