All Forum Posts by: Donald Stone

I would not refinish hard wood floor for a rental property no matter the neighborhood.  Speaking from experience the floors will be trashed over time with renters.  My suggestions is to put laminate flooring over the hard wood.  The laminate will wear better and will not show wear and tear as easily

David, commercial loans work on a LTV of about 65-70% rather than reserves. Your persona credit will be a factor but the primary focus of the lender will be the cas flow of the properties. There is something called a debt to service ratio and that usually needs to be 1.0 or better (means the income covers all debt of the properties). 1.1 would mean the income covers all debt plus some surplus.

Hope this helps...

I have a lender who will do a blanket loan where all properties are under 1 loan.  Contact me for more details.  Don Stone   [email protected] or 813-344-6546

Eric i would be able to help on your refinance.  Reach out ot me via phone 813-344-6546 or email [email protected] to get started.

Don Stone

i am a commercial loan broker and i have a lender who will do this loan for you.  Contact me for more details.

Don - 813-344-6546

i am a commercial broker and i have a lender who will fund your deal.  contact me for more details.

Don at 813-344-6546 cell

John i can help with this loan.  contact me for more information.  Don Stone

Nik, banks are a good source for your loan but there are other sources available that can help you purchase this property.  I have private lenders and other companies that lend on commercial properties just like this one you are looking at.

I would need to gather some more information from you to give you a better picture of the loan that would work best for you.

If you are willing to look outside of the traditional bank contact me and lets get this moving for you.

Don

Nathan, there should be no reason you cannot refinance using the new appraisal. Most non owner occupied loans are 75% LTV.

One thing to be aware of is any pre-payment penalty for getting out of the private mortgage before the loan comes due.

I can help with the refinance. Contact me at [email protected] or call 877-514-8238

I think you have a couple of options here. Conventional non owner occupied lenders should calculate your DTI as your personal long term debt (more than 12 payments remaining) + (your investment monthly payments) divided by your your personal income + rental property income * 75% (only 75% on rental income is counted to allow for vacancies and maintenance).

There is a new investor product on the market called a Blanket loan. The reuirements for this are a minimum of 5 properties can be on the loan and a mimimum loan amount of $500,000.

I would find lenders to finance your investments and calculate your DTI as i mentioned above and then put your investment properties under a blanket investment loan.