All Forum Posts by: Eugene Neal

Hi, 

I am working with HML which is charging a 0% origination fee, but we have a loan processing fee and other legal fees adding to $1800.

is this normal?

Thanks,

EKL

I own a property duplex,  no mortgage on it , and looking for a company who is able to help with a cash out refinance loan, or any kind of loans. 

I own another duplex with a small mortgage on it.

My tax returns in the last two years are not to bright, one reason is Covid years and the lots of deductions that I used for those two years. 

The Rocket Mortgage refused my refinance just for this reason, not enough tax return to support the loan.

Any advise?

I wish to thank in advance for all your responses.

Thank you!

looking at Private Lender's to fund property.  What are pros and cons?  Is 1% fee typical?  Things to look out for?  how do I verify I wont get burned?

Hey everyone,

I'm pursuing a whole deal for this portfolio of two properties (9 unit apartment / quadplex) and having trouble finding financing options and was hoping for some advice.

I am new to real estate investing and finally closed on my first property two weeks ago, a duplex in Milwaukee, and now have this Indiana wholesale deal that I'm very interested in but can't seem to find a way to finance the deal.  

I've called local banks and commercial lenders and they all have said no for a mixture of reasons but the highlights are:

* I'm an out of state investor (based in CA that will use local property management)

* The deal is less than $1M ($400k to be exact)

* I'm not a seasoned investor (yet)

I'm in a position that I can purchase the unit with cash, borrow against stocks as a bridge loan but want to refinance shortly thereafter. The units are stabilized with good cash flow and fully leased so no immediate rehab but there will be some down the road. The units cash flow pretty well with my conservative underwriting with a 1.35 DSCR and 11% cap rate

So any guidance would be helpful.

My strategy is to invest in multifamily for cash flow and long term hold so these affordable 5-12 unit apartments are enticing seems that finding financing is a struggle?

I have a BEAUTIFUL investment opportunity with a cash flowing, turnkey acquisition sitting on my plate with a DSCR loan available to me. My only problem is, I am just starting out and I do not have the cash to put down the down payment. I am seeking a PML for the down payment, but man if it didn't get mucked up and confusing by "lending" providers. Conrad Lending offers a commercial loan using my own information, credit and income as a qualification process and that seems to defeat the purpose of a PML. Should I steer clear of going through a branded "PML Company".

Help! and thank you!

Looking for Non-QM lenders with no W2 income required for investment properties

How do I find short term funding (6 months to purchase all cash and then renovate) to purchase a distressed below market home in Northern CA at 100% financing?  I've called private lenders but they require 40% down!  What's the point?  Might as well cash out my investments and do a conventional investor loan at 75/25.....What are the requirements for these lenders to loan at 100% for short term and how do I find them?

Hey BP Fam, 

Two opportunities are available. Looking for a lender who would like to park money into an asset and receive monthly winnings. 

7 Units Purchase 600K Rehab 100K ARV 950K+
11 Units Purchase 1M Rehab 175K ARV  1.5M+  

Private lender Term 2 Years (1 Year minimum) 8-9% Interest Only (Monthly or quarterly payments)

First position lien as security on the loan mailbox money every month 

Hello, 

I was recommended by my realtor to use Avalon capital as hard money lender in Memphis area for BRRRR. Has anyone used them before? How has your experience been?

Thanks,

Ani