All Forum Posts by: Kyle Ransom

If your credit is a good talk to your bank they would be happy to help. Not alot of options if you are not willing refi? 

I am 52 and starting over from scratch!

Local banks will work with you if you have stellar credit and a good track record. This is the best option Otherwise you can go with commercial lenders. 

No hard money lender will do 100%. They all require at least 10-20% down especially if it is the first deal. However, I know of some hard money lenders that will provide a line of credit after 2-3 successful deals. If you are looking for 100% financing start to build an army of private investors looking for a return on their money.

It's all about the numbers, right? If it is a good investment why would you not go for it?

Nice Work!

In Atlanta GA I am competing with hedge funds that close in 30 days or less. Don't ask me how. But my broker says that 30 days DD and 30 days close is standard. 

I think it whatever you and the investor agree on. 

@ScottGarber with an 800 Credit Score just about anyone will fund you. It really depends on what terms you want. I would try smaller local banks for the best rate and terms as I am sure you know. Small balance lenders will close faster hit you with PPP and higher rates. I would recommend hard money you can do better with a small balance lender instead if you can get a bank to fund you. 

When it comes to loans what designates the loan residential or commercial is the fact that the loan is secured by residential and commercial real estate. Now changing the deed from you to your company just makes it a non-owner occupied loan but it's still a residential loan for properties 1-4 units, not a commercial loan. And Johnny Dang is correct in saying that transferring the deed to an LLC will expose you to the lender calling the loan due.