All Forum Posts by: Jared Rine

@Jesse Howell...what kind of deal?  

@Siva K...some private money will allow this, but even that might be few/far between just because if seller is carrying 45% and you're getting a first at 55%, you don't have skin in the game.  Conventional commercial lenders usually won't go for this especially that large of a seller carry and the property still needs to debt service like one of the other posters mentioned, which I don't know if you'd be able to as value vs. cash flow in CA (Assuming the property is in CA) is going likely be a large discrepancy.  I don't know if I agree about the 30 year am.  10 unit multifamily, depending on market - you could get 30 yr am.  I know lenders who do that all day long.

@Don Konipol..yea, they are.  They're more expensive but the underwrite is easier due to gross rents vs. having expense factors (like any type of normal commercial lender).  Some lenders will do them up 10 units at this time.  

@Melissa Aguila...depending on the situation, there are many dscr lenders out there and all of them are lending in PA.   With the most respect I can, don't listen to the other posting.  Velocity IS a lender out there, but they've basically priced themselves out of the market unless you absolutely don't know what you're doing or know who to go to.  They were pricing very well at one time even into the beginning of 2022, but when the market really started to shift near end of March and has continued to increase trend, they have not been good (FULL DISCLOSURE - I've used Velocity as one of my lenders for years as a mortgage broker). 

There's easily 10+ lenders I'd recommend before them. I'm still quoting deals in the 6's on DSCR NOW and I can do PA.

@Jill Rubin..you need to find a mortgage broker who's linked with Change Wholesale and/or Quontic Bank (I'd find someone who's linked with both as they are competitors and both CDFI designations).  Post is ageing but hope that helps.

@David Meier..you sound like a candidate for DSCR/investor cash flow loans and/or tapping the equity in your current portfolio that way. No DTI used only cash flow of the properties. Assuming your credit is in line and ltv, all else should be a non-issue. Just my $0.02

@Jose Villa pm if possible.  Construction lending is few/far between these days even in the primary space.  For spec, it's become even worse as lenders have pulled back/tightened up.  I'd be interested to see what you've got going on. Thanks,

@Oscar Coreas ..Being in the 'dscr space' longer than most (been doing them since 2014), I second @Nick Belsky Most of these lenders who say they do STR really don't or don't know how to look at the income as it's still a newer realm in the lending world. I have no clue about MBanc and have never heard of them but they do seem like a fully licensed legit lender.

@Stephanie P. thanks always for the shout.  @Julie Coleman...you've received some good answers here already.  I can appreciate the BP community, but I'm going to add my $0.02.  

1. To get him off both, YES, you'd need to refinance.  2. Yes, for primary residence.  3. Yes, you can and even though 'everyone and their mom' is touting about 7%+ rates on dscr loans (no personal income), if not 8%, you can still find them in the 6's.  I'm still getting them done there, even now.  Most of it is knowing where to go and who's actually going to execute.

2. yes. 4. yes, you'd need to do that.

Hopefully you can get this worked out amicably.  Thanks

@Milton Durstine...I second what's said by @Upen Patel  ..he's asking good questions and has good points.  There are lenders that should be able to refinance you with 6 months seasoning for cash out / 1 day for rate/term, depending.