All Forum Posts by: Jared Rine

@Dan Bosak...is there no one in your area that can refer you to someone?  What do these deals look like?  As a mortgage broker in CA, I've worked with Easy Street over the last few years and they have their certain box they are competitive in, but overall, they're okay.  They're typically never my first choice these days, unless it's a specific deal type.  I have no idea who the others you listed as I've never heard of them.  I'd be interested to hear more. 

@Mike H. Listen to @Henry Clark  If I were doing anything self-storage, he'd be my first call. 

@Mostafa Koperly..I would agree at face value with @Robin Simon and your alluding to contact banks/CU's, but I can tell you credit markets for construction are tight.  I'm not saying you won't find it, but I wouldn't necessarily be expecting a lot. Just my $0.02

@David Gorman..I'm in Northern CA, but have experience placing construction loans all over the state. A lot more details needed.  How much are you looking for?  What's rehab cost? Are you looking to use the property as collateral?  Is it currently rented?  is this part of TI?  What's current value?  Is there other rehab being done?  What type of mixed-use?  Sounds like has restaurant portion...How much do you owe on the building?  Completion value?  Do you have a tenant ready for this portion of the property? Too many details needed to give suggestions at this point.  Please feel free to reach out.

@Jason Smith..I'd recommend talking to me if you were in CA. You need a solid mortgage broker, not a bank. Plus it's hard to say without seeing your full debt load, but even if they are giving you 75% of each property to offset PITI for each property (if they're not on your Tax Returns), they still might not be calculating things correctly from what it sounds like. I do this stuff all day long, but you have great responses in this thread from very credible people on here. I don't know all of them but have been on BP long enough that if I were you, I'd talk to at least @Jay Hurst and @Devin Peterson

You could also bypass all Tax Return programs and go NonQM of some sort, such as a bank statement or other type, but you'd still have factor in your rentals. 

@John Patrick Lasher..you have some good responses here but I figured I'd throw mine into the net.  I don't know if you're trying to do this all with the same lender, but if you're taking up a majority of the office buildings, SBA could be an option which would allow you potentially less down and you can get away with some seller carry (not all lenders allow and/or structure this but some do)...and/or you could potentially wrap in more collateral (like that other property) which some will do (Again not all SBA lenders are the same; some get way more creative than others).  If you could do this and the multifamily property can stand on it's own, you might have enough equity free to get that one done too, depending on the financing possibilities available and how flexible you can be with terms.  Without seeing more details, it's tough to go into the weeds.  Feel free to reach out.  Thanks,

@Nathan Frost...They have a certain box, with their programs, just like any lender, but I like them, and have closed with them.  I'm probably biased being a broker, but I think you have a better experience going through a broker with them than borrower direct from what I know. 

@Wiley Strahan..there is a gap for this type of financing, but it doesn't mean it doesn't exist.  If you're mentioning Agency, I'm assuming it's a smaller apartment complex.   Being an absentee borrower might put you out with a lot of local banks/CUs. Who have you talked to so far?  How many units?  What's estimated value?  Does the loan amount include cash-out?  If so, how much?

@Karolina Powell..I'm adding my $0.02 as a mortgage broker who does the types of loans you're talking about, works with a lot of investors over the years, and who also has done multiple closes for clients in a tight timeframe/same day/etc.  Staggered is best from my experience as even the best of Title/escrow teams miss things (I have some of the best out here in CA).  As for your loans themselves, I can't speak to your situation as it might be more complex than what sounds but if these are straightforward, if there is a next time, I'd recommend finding a very solid mortgage broker who works with investors. If they're very good, you should never have issues like this because you won't go to banks/lenders who are causing/having the issues you're mentioning.  Definitely not the repair request/super long appraisal review/brokerage account not being able to be used.  An appraisal review should take a couple days (A few max).  Other stuff you mentioned should be able to be mitigated but also should have been brought up what sounds like a lot sooner.  Sorry this situation is happening. 

I agree completely with you, @Jay Hinrichs =)  

Location is such a key for most construction projects.  The ones I seem to do more of these days are in Southern CA in areas that have high land/lot value and my clients either have owned the property for a long while and/or have purchased cash at market value.  Then bring in the soft costs out of pocket and typically there seems to be enough equity.