All Forum Posts by: Jesse Holsapple

I original with Erik on the original comment here in response to the ARV statement. Unfortunately, during a purchase that just isn't the case. During a purchase it's viewed more as a rooftop to not exceed, but most of the math comes directly from LTC which is derived by a combination of how much of the purchase price was financed, and how much renovation was financed.

However, ARV can and is typically utilized during a refinance transaction. 

A good rule of thumb depending on the lender is any town under 25,000 in population is often times considered rural. Down the waterfall from there if that doesn't scare them is they will quickly look to see if there are any comps nearby and what "nearby" looks like. 

All great questions, DSCR loans would be the way to go. It erases all of the noise. All it's looking for at that point is total liquidity, credit score, factors on the property itself.
1040's, pay stubs, Debt to Income ratios and things like that aren't a factor here. Always happy to connect and see what other questions I can answer.

@Virginia Jones recently moved to alexandria. Looking for local meetups. I'm in financing of private lending. Background in banking and conventional mortgages, brokering and direct lending of private funds for rei's. Excited to learn first hand about the market here.

They do not exist that I'm aware of, if it's a purchase - expect LTC. 

 Yes. I believe I messaged you about this one 

I'd be happy to take a look at something like this. To capitalize on what Randy said that's exactly what would happen. 

We'd look at what the existing value of the property is 
the $ amount needed in repairs and how long that would take 
and the after repaired value of the property based on nearby comparable properties 

I'd be your guy to take a look at what you're trying to do. Let's connect.

I work at a direct lender that does short term mortgages in regards to exactly what you mentioned. 
The cumbersome aspect that you can expect here is that you've already begun demos and reconstruction, what that means on an appraisal is that you "might" have devalued the property from where you believe it is. The second portion being anyone who would refinance this and make the loan happen for you is also going to want a total project improvement budget which would include the amount you've spent already as mentioned above and be ready to show receipts and invoices. That being said, I'd be happy to chat about it further if you want to connect on this.

at merchants mortgage & trust we'd take a look at this under our DSCR loan program or Bridge.
I'd be happy to review the information for this request and see if we can't provide an offer for you.