All Forum Posts by: Edward Burke

BPL (Private Lending)- There are a few lenders out there Claim that will utilize 'AIRDNA' which is a web-site that estimates AIRBNB average income as the basis. I have not used this program personally, so no real examples to speak of. 

*Purchases- They will normally consider the '1007 Rental Average addendum' amount which is used by almost BPL lenders. OR, a few will use say 75%/80% of the 'AIRDNA' income.

*Refinances- A few will use say 80%/85% of the 'AIRDNA' income.

For a (1-4-Unit)- There are NO Asset/NO income (These are Stated, not verified on a PFS and Application) Rehab programs offering 80-85/100/70, based on FICO and Experience. 5+ Units are a much different game.

On the BPL/ Private Lender side- Lenders will lock the loan a couple ways, and only when the Client agrees with a Signed Term sheet and provides documentation.

1- Client sends in their documentation where the file is complete and loan package is received by the lender. Locked upfront (45 days is typical).

2- The appraisal inspection report is received by the lender. Locked pre Underwriting (30 days is typical)

For a BPL, we work with a few Lenders that will lend < $100k on a SFR-30yr., the caveat is the Minimum home 'value' must be >$100k. Min. Loan amount must be >$75k.