All Forum Posts by: Keith Jefferson

Tim, 

Thanks

We all have seen the news of the move by the federal reserve. This may sound like a crazy question, but its ok, I'm all about learning and seeking out information. For us investor, someone like myself that's fairly new and still learning, what exactly does that mean for us? Does this affect commerical loan rates as well?

I'm asking because I just bought a sfh all cash in the name of my llc. I 'm planning to cash refi the property. I've spoken with a few lenders about a week ago about my plan. At that time they all told me the interest rate was about 5%, which seems consistent with my research. But now that the virus has hit and the Fed Reserve has made the annoucement about the interest rates being cut to zero. How does that benefit me in my specific situation and us investors?

https://www.cnn.com/2020/03/15/economy/federal-reserve/index.html

Thanks John

BP,

While researching a couple different local banks in MD for a cash out refi loan, I was sent this by a lender and told that this was a pretty standard loan. I was also told the rate percentage was in the 5's. Somewhere in, around, or neat the 5% margin rate. Does this sound right for a commercial loan refi? Just so you know I'm looking to cash out refi on a property I just purchased with all cash for about 42k.

Investment property loans have the following terms

-70% LTV

- 5 year term

- 25 year amortization

- principal and interest monthly payments

- 1% of loan amount commitment fee

BP,

While researching a couple different local banks in MD for a cash out refi loan, I was sent this by a lender and told that this was a pretty standard loan. I was also told the rate percentage was in the 5's. Somewhere in, around, or neat the 5% margin rate. Does this sound right for a commercial loan refi? Just so you know I'm looking to cash out refi on a property I just purchased with all cash for about 42k. 

Investment property loans have the following terms

-70% LTV

- 5 year term

- 25 year amortization

- principal and interest monthly payments

- 1% of loan amount commitment fee

Thank you everyone. You've all given me good info. I'm going to check local banks and Hard money lenders. One of my main goals is to not have my personal credit run again and get a hard inquiry on it. So if I can find a lender that will allow me to refi in the llc so that way I don't have to use my personal credit and can close quickly (not in 30 to 45 days which I've been told), that would be ideal. 

I was recently doing some research both online and speaking to a couple of lenders. I wanted to hear from other investors, lenders, etc from the BP family. I'm sure many of you have experienced this in some shape or form. 

I want to cash out refi on a property I purchased all cash for. I purchased the property with an LLC. Recently I was talking to a lender and also researched about the process. I found out two solutions. The lender told me that the only way that the cash out refi could be accomplished is if I quitclaim deed the property into the name of an actual person, complete the refi, and quitclaim deed it back. I also read that there are ways, lenders that will actually do the refi while the property is in the name of an llc.

Does anyone have any experience with this? What is the difference in the length of time it will take to do? Is one method better than the other? Lastly, does anyone have any contacts for lenders that can do the refi while the property is in the name of an LLC?

Biggerpockets family. I just closed on a sfh two days ago. I purchased the property with cash, no loans from any lenders. I wanted to cash out efi (delay refi). I know that I can cash out refi right away (since it was a cash purchase) and cash out on one of the two: the purchase price and closing cost OR 75% of arv, whichever is lower. My question is can I use any bank to apply for a delay cash refi on my recent purchase or is there only specific banks that do this kind of refi?

Thanks!

Biggerpockets family. I just closed on a sfh two days ago. I purchased the property with cash, no loans from any lenders. I wanted to cash out efi (delay refi). I know that I can cash out refi right away (since it was a cash purchase) and cash out on one of the two: the purchase price and closing cost OR 75% of arv, whichever is lower. My question is can I use any bank to apply for a delay cash refi on my recent purchase or is there only specific banks that do this kind of refi?

Thanks!

Biggerpockets family. I just closed on a sfh two days ago. I purchased the property with cash, no loans from any lenders. I wanted to cash out efi (delay refi). I know that I can cash out refi right away (since it was a cash purchase) and cash out on one of the two: the purchase price and closing cost OR 75% of arv, whichever is lower. My question is can I use any bank to apply for a delay cash refi on my recent purchase or is there only specific banks that do this kind of refi?

Thanks!