All Forum Posts by: Dee Brock

@Tim Herman they said they will loan 85% of purchase price and 100% of rehab. So if it’s sell price 100k house (85,000) and 40k repairs (40,000) 

So I’d have to put down 15,000... 

125,000-(15,000 down payment)= 110,000. 

Then they will loan 65% of ARV. So if house is let's say going to ARV at 160,000 then they will give me 104,000 (160k X 65%) which means I need to bring an additional 6k to the table.

Am i looking at that correctly?

@Tim Herman max loan is 65% On ARV.
85% on purchase price and 100% on repairs but they hold it like a draw and disburse it as needed. 
so my bank in Oklahoma will do 85% on non owner occupied home with NO PMI. It is a 7 year arm in-house financing at 4.75% since it's an investment property. They are doing NO closing costs through end of April which is unheard of. But only downside is max 20 years, but not bad. thanks for all your feedback today.

@Tim Herman Thank you for the feedback. I will email the bank and verify that. Thanks for letting me know about the tagging. 
The hard money loans that you have experience with ( assuming you do) did they always use the repairs and hold it as a draw ?

Tim,

 Local bank will do cash out refi at 85%. 
i will be doing a BRRRR. Hard money lender is going to loan 85% of asking price and 100% repairs.
So I’ll have to come to the table with $$$. 
does that seem about right? 

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