All Forum Posts by: Ed Burk

@Jared Rine

I sent you a Message ....

Excellent, thanks for the Quick reply! 

Hey Chris,

Just caught your post, and have prior engagement 6/20. Living out of Lombard, I would love to catch the next one, do you have any future gatherings set at this point? I specialize in Private Portfolio Lending, with very aggressive Pricing and Leverage that my investors are truly enjoying. Also working with Loan Brokers to help broaden their market and open a new revenue stream. If you could let me know, I would greatly appreciate it.

Thank you,

Ed B.

@Derek Hammond- From a Private Portfolio Lending perspective, and specific to Rental Loan qualifications, we use a DSCR (debt service coverage ratio) of 1:1-meaning, we do NOT qualify Income. We simply use the lease agreement amount. If it the lease amount exceeds the PITIA cost of housing, confirmed with the 1007 Addendum from the Appraisal, it would qualify as your income. SFR-75% MAX for Cash-out and 85% For Purchase and Rate/Term w/ 740+ FIco in most states.

Basic Documentation requirements;

*Our (2) page property and Credit application

*Bona-fide Lease agreement

*Hazard Declaration coverage

*(60) days Bank statements to cover 3 mo. Reserve requirement.

*NO Paystub's/W2's/1040's/1120's/Profit and Loss/Schedule E's etc.

*NO application fee's

*2-3 Week funding windows

Feel free to contact me with any questions.

@Ian I Leinwand

From a Private Money Portfolio lending aspect you would most likely have (2) options on a (2-4 unit).

1) Rehab/Fix and flip type loan if rehab/repairs are needed >$5k- Depending on experience and Credit, acquisition LTV would be between 85%-95%, estimated Interest Only rate 7.09%--9.99% w/ 1 point for 9 months. 

2) Rental Loan (2-4 unit), Depending on Credit, Max 75% LTV (80-85% SFR), Estimated 5/1 ARM rate 7.125% Full AM. or 7.375% Interest Only w/1 point.

*Assumption of 750 FICO for estimates/$1M purchase price*

Hope this provides some useful information

Ed B.

Hey Chris, 

We are located out of OakBrook Terrace, so if you like to talk 'shop' specific to Private/Asset based lending dollars and cents, give me a call. Currently working with 5  'newbies' that have your same ambition. Check my linked-in for more information.

 Unfortunately, these solely apply to Non-owner occupied/ Investment properties.

As a Private Lender, the 2-4 family on a Non-owner Fix/Rehab/Flip credit line would run a LTC at 80% up to 95% and Rehab LTC at 85% up to 100% at the 800 fico. Rates/Fees vary between HML to Private based on what I have been seeing. Without the scenario details, I'd guess a 8.34-11.65% w/ 2 points. Hope this helps clarify the Private side of the business.

As a private Lender- 75% LTV is our 2-4 Family Max.

We use Appraisal Nation for all our Rush files. May be an option for you.

https://www.appraisalnation.com/