All Forum Posts by: Dave Chow

Each bank is different. Your conservative banks will push back on LTV (basically come in at a lower number) and "claim" your in a commericial setting, but in all reality it's their standards and what they believe is commercial.

I would recommend reaching out to a local bank that you may live near or a local bank near the property. Your bigger banks that are in multiple states will likely be more conservative vs. the local guys. If you have plans to scale beyond this deal, then it's crucial to network to the local banks. Their LTV/LTC will be higher and they will likely want to scale with you where the bigger banks will likely cap you off. 70% LTV is just simply too low unless. If you can't get higher, look to a partner that has more experience than you or someone with net worth that will make the bank feel more comfortable about a higher LTV. They "can" go to 85% LTV. It's not going to come easy, but if you have the right group of people with experience and net worth, it's very achievable. You may have to give some equity, but the network you will build and knowledge you will gain will outweigh the equity portion in my opinion.

I learned this the hard way, but eventually did find a local bank and plan to re-fi everything I have with them this year. Again, I don't know your end goal, but if it's to find more deals then find the bank that st hungry like you are. The less money you have to bring, the more deals you can take down!

@Daniel Hyman so with Cozy is there an option to have any late oayments reported to credit bureau? Will look into this.