All Forum Posts by: Justin Rank

@Arian Mustafa ROCKLAND Trust's terms are just like any other "big" bank, but they close. If the deal makes sense for you as an investor it probably makes sense for them as a bank, plus they are all about the relationship. You can find better terms with the other 2, and if I recall Athol savings has no seasoning for a BRRRR cash out.

Good Luck!

ROCKLAND Trust is great, it’s our go to big bank. They are closing an 8 fam for us right now. For locals, check out both Baystate savings and Atol savings, they are both portfolio lenders. 

Happy house hunting!

Just came across this post and stacksource.com. I'm just curious has anybody else had any success with them? I have a 6 unit under contract and clear to close with my regional lender, but am also looking hard for a bigger building. My current lender is a 5 year/25 am/3.75 with 25% down and a 1/2 point origination. I saw stack source was 1 percent origination, what other terms are you guys seeing from the platform? Anyone know how many funding sources they are working with, the site looks pretty slick!

I'd also be curious, I'm looking at a portfolio of properties in Rutland.

@Marco Graves Did you pull the trigger? If so, how's it going?

@Thomas J. Budka We have several rentals in Boston/central Mass and we use Ed Timmerman at John T Burns in Newton. They write for Vermont mutual which is one of the premier insurance companies in the Northeast for landlords. 

@Phillip Walker who have you used before/know of being good?

@Dan K. Our best leads come off Craigslist, but we also use PM software that will send the listings to third parties. I usually get something off it, but not as good as Craigslist.

I didn’t go enough into detail, but my other properties have low leverage ratios and one is paid off(central mass). We are closer to mid 6 figures than low six figures.

Our “big” bank that we just did a refi with and have a great relationship with looked at the deal and said they would do the Somerville triplex deal, with the traditional down payment. The point of my post was to see if other options existed to scale using short term money with a lesser down payment.

@Dan K. I ran our numbers with a margin of safety for further rent declines and they were tighter, but still ok. I usually run numbers like that on all my properties and have a game plan if rents drop x percent or worst case scenario can’t fill units. My three family in Somerville had a unit open up in April( we let tenants out of their lease early so they could be with family out of the country) and had the apartment re-rented right away. The market is softer but from my experience if you have a nicer product(we usually do)at a good price point you will drive applications. We had 14 people apply for that unit in a day and a half and I had to take the ad down after a weekend.

I’m not worried about the debt, we are in secure job positions and pull in low to mid 6 figures.

Ultimately, I’m looking to see what’s out there for these type of short term loans so I know what my options are. Traditional might be my route, but as I stated in my original post I have a few reasons to look outside of traditional, I would be open to either secured or unsecured. 

Hi Everyone,

I've identified a three family property in a high cost area just north of Boston (Somerville Massachusetts, next to Cambridge and Boston) and am exploring how to take it down. It's in a great location( one block from the train and near a bunch of high end lab space). The property is going to be just over a million, needs a light refresh( maybe 60k) and an ARV or 1.3-1.4. This will be a long term buy and hold.

My question is I would like to take it down with 10% down. Does anyone have any recommendations on a bridge loan company/product you would recommend ? The two lenders I normally use(bigger banks, not hard money) both require 20/25 percent down. I would be looking to do a light refresh,get tenants in, and then re-finance into one of my portfolio banks( no seasoning). Ideally looking for 6-12 month terms, 10 percent down, 75% ARV and a decent interest rate.

About me: I do have a heloc I could draw on,  and also have some friends with some money so I could work with my bank to figure it out( which I'm sure could be cheaper) but I'm also looking to scale and weigh my options to do that. Around here there are a lot of developers who use hard money/cash and can close fast, and that is one thing my banks can't do(they are about a month). 

I've done a few flips maybe 6-7 years ago, and have slowly been growing a portfolio of a few properties around Boston( all were major rehabs). Strong income and 800+ credit score.

Any decent products out there worth looking at that you have had a good experience with?