All Forum Posts by: Jon Vassiliades

Hi All,

Looking for potential lenders for the following:
NH - Mixed use property. 150-200k sale price. Property card shows 1 Res/1 Comm Unit, but is actually 2 Res/1Comm. Third Unit has CoC from fire chief, and is on sewer, so septic isn't a restriction. Could go as primary if it will qualify as a QM. Not sure how the commercial unit will affect this as it is leased until EOY, and the conforming mortgages I've seen require owner the occupy commercial space as well. Already have a FHA on primary/MF property. (62 miles from my W2)

If DSCR - Ideally looking for no more that 20% down, but could go 25% for the right terms. Currently at a 1.00 CR, proforma fully rented (not as primary), with market rates jumps closer to a 1.2 @ 30yrs.

Looking for some recommendations/referrals. I know there are pages of hard money providers listed in the resources. However I am looking to see if anyone has had direct experience with local lenders that they would reccomend before I run down the list by rating to reach out.

Also is anyone working with wholesalers in Eastern NH? There is thread from two years ago. I have reached out to a few of the members, but activity and/or their location has changed.

Thanks

@Logan Hartle Thank you. The property is currently full with M2M tenants with tenancy ranging from 2-20years. Current DSCR with 20% down would be 1.30. There is room to increase rents about 5%+ without any questions which will negligibly help NOI. There are a few tenants well below market rate including the 20yr and 9yr tenant, who are probably paying the same rate since their move in date. There have been a few minor improvements, however most of the units are dated (80's-90's vintage) lending themselves for further potential.

I feel like a MLO is going to be a hard sell in the current market, on an MLS listing. There is another 5 unit mixed locally that went under contract in 5 days.

Other than the tax hit of not being able to depreciate the building (less repairs, etc) during the lease period, are there further financial downsides to a MLO?

Hi Everyone,

I am looking for suggestions that folks have had luck with in the past to get from ~10-15% figure to 20-25% (Say an additional 50k) to satisfy commercial lenders. There is a 7 unit MF property that just came on the market in our town with a serious LTR shortage that I would like to scoop up. I currently have a 2-unit MF residence @ 80% LTV, as well as a seasonal property under going renovations for STR this summer valued tax assessed @ ~270k free and clear.

Things I have looked into that won't work:

• No appraisal HELOC on the Seasonal (Figure, Etc) - Not enough comps/data in the area

Avenues currently being investigated:

• Commercial Portfolio Loans that may go up to 90% LTV
• Gap Loan (Sounds like high interest rate if possible)
• HML/Gap Loan (Would need to find a HML that is okay with being 2nd mortgage)
• Using Cross-collateralization against the STR to help secure loan.

Others:

• Cash back at closing (Hot Market - Low Potential)
• Owner Financing a portion (Maybe Possible, has 3 sellers)
• Private Money (More likely possibility)
• Bring in a Partner

Thanks

Hi Everyone,

I am looking for suggestions that folks have had luck with in the past to get from ~10-15% figure to 20-25% (Say an additional 50k) to satisfy commercial lenders. There is a 7 unit MF property that just came on the market in our town with a serious LTR shortage that I would like to scoop up. I currently have a 2-unit MF residence @ 80% LTV, as well as a seasonal property under going renovations for STR this summer valued tax assessed @ ~270k free and clear.

Things I have looked into that won't work:

• No appraisal HELOC on the Seasonal (Figure, Etc) - Not enough comps/data in the area

Avenues currently being investigated:

• Commercial Portfolio Loans that may go up to 90% LTV
• Gap Loan (Sounds like high interest rate if possible)
• HML/Gap Loan (Would need to find a HML that is okay with being 2nd mortgage)

Others:

• Cash back at closing (Hot Market - Low Potential)
• Owner Financing a portion (Maybe Possible, has 3 sellers)
• Private Money (More likely possibility)
• Bring in a Partner

Thanks