All Forum Posts by: Dennis Bates

Hi John- they seem to be in a tough spot related to the Synapse Financial bankruptcy- they've essentially suspended operations and are trying to sort through the mess. They are posting updates to their blog here: https://learn.upright.us/real-estate-investing-blog/an-updat...

Best,

Dennis

Thanks for the responses- the row home is located in East Baltimore/Midway. The lender that I initially wanted to go with was a non-profit community lender that would have provided funds at below HML loan interest rates. They have rules against vacants, and also have a minimun loan size that is above what I'd need here. From some further information that I've gathered, it sounds like some local traditional hard money lenders may be able to provide funds for this project.

And yes, I agree with the need to be cautious with deals like this, the neighborhood is definitely not "up and coming" in the DC sense, but I'm hoping it will see some more revitalization activity in the future, similar to the Pen Lucy/Waverly area right now. I'll see what happens- wish me luck☺.

Best,

Dennis

Hello All- I'm an investor in Baltimore, MD, and I am in the process of buying a row home from a Baltimore City auction. Once rehabbed it should have an ARV of over $200K, which will provide a nice profit if I decide to sell. However, the property is in an up and coming neighborhood (several recent good sales right around the corner from the property), but has a vacant row home next door. The lender I wanted to use for this project has stated that they won't provide a construction loan since there are vacants on the same block. Is anyone aware of any lenders in the area that might provide a construction loan for a project like this, even if it has a vacant next door? I plan to buy the property using my own cash. I think I could complete the rehab using my own cash as well, but I'd have to wait a while to start the project if I go that route.

Thank you,

Dennis Bates

Hi All- thanks a lot for the help. I will start with Eastern Savings, and I also will try Kopernik and Navy Federal if needed. I really appreciate it. 

Best,

Dennis

Hi All- I have a few buy-and-hold properties in Baltimore, MD (purchased the "slow" way, by putting 15-25% down). For my next property, I'd like to try the BRRRR strategy, however I am hung up on the refinance step. The banks that I have spoken with so far all have only offerred conventional cash-out refinance options where I would have to wait a full 6 months to refinance. The commerical lenders that I have spoken with in the area have said that they would not normally be interested in funding a commerical loan for just one rental property.

Does anyone know of any lenders that would allow me to get a cash-out refi sooner than 6 months for a BRRRR deal?

Thanks,

Dennis B.