All Forum Posts by: Bob M.

Hi all-  

Looking for some recommendations for a good agent in the Montgomery, AL market to sell a single family rental property I own.  Property was rehabbed a few years ago and is in good shape.  Could be sold to new investor or owner occupant.  Preferably someone with a network and experience working with out of state investors that market it to sell to either local or out of state to have multiple options to get it sold quickly.

Thanks!!

Bob

Hi Everyone-

I am looking for a lender who can do a 30 year fixed DSCR based cash out refi on about 6 SFR's I have in Alabama that are all valued about $55-$65k each.

Credit is very good.  All properties are in good condition with tenants in place and cash flowing, but just smaller in size and in lower value areas of Birmingham.

Most direct lenders I've spoken to have min property value limits of $100k or around there making it difficult to tap any equity in these particular properties.  

I would be interested in either doing individually or could do as a blanket in one larger loan.  Please let me know if that is something you can do or come close to or have any other advice or recommendations.

Thanks!

Bob

Thanks @Cason Acor, terms seem pretty good to me, 5% is close to what some other non-conventional commercial brokers have quoted for SF blankets.  Just looking for someone with experience with this actual company.

Hi-

Just checking if anyone has experience with a commercial lender called Red Star Mortgage? Found them while looking for a blanket cash out mortgage option for about 10-12 single family rentals I own. Talked to a guy there offering commercial 75% LTV 10 year term, 30 year am, rates around 5%, no seasoning requirement, individual property values they go as low as $40k but minimum $500k loan amount. 1.2 DSCR

Seems good on paper if you have a lot of relatively lower value properties with equity like I do, but they don't have much of a presence online so figured I would check here.

Thanks!

Originally posted by @Joyce Williams:

@Kouakou Kossonou..... see image attached. I requested an increase via the “Need help? Send request now” on the approval page and yes I did accept the offer.

Joyce I had to do the same thing yesterday as the loan amount quoted was only $1000.   I explained to them that I had input the cost of goods sold wrong (I used 12 months total expenses but it should have been $0 I realize now) and lost rents wrong on the original application.  I’m hoping this is the reason they quoted so low.  How long did it take for you to hear back or get a loan increase after you did this?

Finally got the email to create password and sign into the portal today, however it will not log in with multiple attempts and just keeps spinning and timing out.   I wonder if their server is down right now.  Anyone else having this issue today?

Thanks Holly- when did you request the 6 months gross rent? Was that in the application once you got setup on the portal?

Did Anyone receive any progress on their loan application this week?

Wow, ok, that much. Thank you. The reason I ask is because I don’t remember specifying a requested amount on the streamlined application back on 3/31.  I remember listing last 12 months of revenue, cost of goods sold ($0) and lost rents, which on 3/31 hadn’t amounted to much yet, so I wasn’t sure how they were going to calculate a loan amount based on that.  Good to know, I’ve received the $1k as well but looking forward to moving on to the next step!

@Chad C.

What was the loan amount you were approved for relative to your gross revenues you put on the application? You don’t need to share numbers, just curious about %.

Thanks!