All Forum Posts by: Giora Sela

Sellers have been slow to respond with information. I appreciate all the feedback so far. 

I'm a long term buyer, buying with a bridge could work well in this scenario. What are typical loan terms on bridge? I've only done traditional/DSCR loans

Properties seem well kept actually, its just a case of another landlord with a low basis just not keeping up with the market

I'm going to buy a portfolio of 7 properties off market that is 20% below market value. I'm looking for a lander who can help with getting a flexible deal (seller hold back maybe) but most importantly the rent is well below market rate and I don't want that to be an issue with LTV

Quote from @Sam Yin:

Quote from @Giora Sela:

Quote from @Sam Yin:

@Giora Sela

Keep shopping around. Look at your local credit unions. If you are looking at bigger deals, try Agency debt.

For reference, I got Freddie Mac 2 weeks ago at 6.83%. Got Fannie Mae last week at 6.71%. And a few days ago locked in a local credit union at 6.61%. All loans were above $1M. LTV were 80%, 76%, and 75% respectively. All were 7 to 10 yr with some prepay. I think I could have gotten a 50 basis point discount if I did 60% or less LTV, but I wanted more leverage and keep more money in my pocket. Broker is charging me 1.25% or $1900 flat fee, which ever is greater. Only caveat is that the Agency Loans have a hefty application fee... like over $9K.

I know that a few other credit unions have even better rates with aggressive DCR, but they require a 12 month hold back, thus that did not fit my needs.

Keep shopping. I bet you will find something better than you ate finding now.

Those are great terms but my average deal size is in the 150-200k range. I buy them 1 at a time and seek a cash out based on my cash position to buy more. 

What I love about Visio is they don’t have any “Seasoning Period” they don’t care what you payed and when, they go based on apprised value from Day 1. 

I did find a lander for this specific deal that didn’t work with Visio. 

8.45% 30 yr fixed
75% LTV Cash Out based on 315k Value 
10 yr Interest only 

 5-4-3-2-1 ppp

1% Origination fee

$1500 processing fee

I don’t deal with local banks, I find them to be old fashioned with their processes and document heavy on the personal side which can be extremely wasteful. 

Appreciate all the input, I’m sharing all the details so other landers can tell me if I’m getting a terrible deal in my DM.

Based on that detail information,  that is not bad for your scenario.  The ones I descride have no seasoning period either. But I do understand that lower amounts ofter cost more.

If anyone in this forum has a no seasoning period for dscr please send me your info

Quote from @Sam Yin:

@Giora Sela

Keep shopping around. Look at your local credit unions. If you are looking at bigger deals, try Agency debt.

For reference, I got Freddie Mac 2 weeks ago at 6.83%. Got Fannie Mae last week at 6.71%. And a few days ago locked in a local credit union at 6.61%. All loans were above $1M. LTV were 80%, 76%, and 75% respectively. All were 7 to 10 yr with some prepay. I think I could have gotten a 50 basis point discount if I did 60% or less LTV, but I wanted more leverage and keep more money in my pocket. Broker is charging me 1.25% or $1900 flat fee, which ever is greater. Only caveat is that the Agency Loans have a hefty application fee... like over $9K.

I know that a few other credit unions have even better rates with aggressive DCR, but they require a 12 month hold back, thus that did not fit my needs.

Keep shopping. I bet you will find something better than you ate finding now.

Those are great terms but my average deal size is in the 150-200k range. I buy them 1 at a time and seek a cash out based on my cash position to buy more. 

What I love about Visio is they don’t have any “Seasoning Period” they don’t care what you payed and when, they go based on apprised value from Day 1. 

I did find a lander for this specific deal that didn’t work with Visio. 

8.45% 30 yr fixed
75% LTV Cash Out based on 315k Value 
10 yr Interest only 

 5-4-3-2-1 ppp

1% Origination fee

$1500 processing fee

I don’t deal with local banks, I find them to be old fashioned with their processes and document heavy on the personal side which can be extremely wasteful. 

Appreciate all the input, I’m sharing all the details so other landers can tell me if I’m getting a terrible deal in my DM.

I’m searching for alternatives landers for Visio, they are great but I need other options to finance my single family properties as I grow my portfolio. 

I’ve found many landers are charging high fees on top of 2% origination fees while still being at the 8%+ range. 

I know rates are high everywhere but why pay 10k in fees for a single transaction of 150-200k

I have an excellent profile to get the best terms available and I want to take advantage of that if possible 

I had a feeling the ansowas no but just wanted to make sure I didn’t miss something. 

My goal is to purchase several properties under a single loan but have limited options with the local credit union in my area.

I was wondering if I had eliminated escrows on my current mortgages will make any difference when applying for a new loan?

If my payment is now officially $150 less a month because I paid insurance and taxes directly, will a new lander notice and just add that back to my debt payments? 

Just trying to maximize my loan amount with conventional mortgages 

No vacancies and tenants are already paying for water. After reading through the forum I concluded the same, the other buyers offer for $625,000 was as high as someone should bid but it was rejected. I’ll hold off for now, thanks for your input!

I’m trying to analyze a similar 23 park in eastern NC with all pods owned by tenants, utilities are paid by tenants and it’s on the city water & sewer line. Can’t get an accurate NOI from the seller but I know that rents are $275 with 1 home rented for $625. Taxes are $6000. Asking is $750,000 and they turned down an offer for $625,000 from another buyer. What are you collecting in Fayetteville per pod? What % expenses should I account for? Park is in below average condition for the area