All Forum Posts by: Jay S.

Hi Michael. Securing Lending shouldn't become a hurdle is the Deal numbers works. 

Depending upon the Lenders if you qualify, you can get up to 100% in Rehab Financing and/or up to 90% LTV on Purchase Costs. Rehab Loans do not generally care about your DTI or your income. ARV is a very important factor here. 600 FICO is minimum. Feel free to DM if you have any specific questions.

Yes, you can do DSCR to get your money back. Main thing to watch out is DSCR Ratio. It will depend on Lender if they take Rents from Appraisal (1025) or Rents from your existing Tenants. Some Lenders can even take just the Lease Agreement. For 2 units; DSCR can go to 85% LTV or 15% down for purchase OR 75% LTV for Cash out in your scenario.

Hi Jordan. That's a good question. There are thousands of Lenders out there which provide different DSCR loan selections and everyone is going to have different rates and terms and costs which can become very confusing.

Rather than comparing Lenders/DSCR loans solely based on these factors, I would advise you to focus on below questions and prioritize what you really need in the DSCR loan/Lender?

Example: 

1. Is 15% down payment for DSCR is more important to you? Or are you ok with 20% down?

2. Is closing in LLC is important?

3. Is having debt not reported on credit is your priority?

4. Is rate or terms your top priority?

5. Is origination costs makes you select the Lenders?

6. Is Fast closing or easy underwriting important?

We originate loans with 100+ lenders and will tell you that you cannot have All of the above :) 

Just set top 2-3 points of what matters to you most and that can help you in selecting which broker/lender to go with. Hope this helps! 

Hi Alleigh. Yes you can cash our up to 80% of value. Let’s say your rental value comes as $1M, you can do cash out dscr refinance and take out $800k (minus closings costs). Seasoning timE do vary across lenders. Feel free to dm me if you have any specific questions or needs full guidelines for this loan product. 

Hi Jerome. Where is your rental based? 
Usually the helocs for investment properties have a max 50% dti and can go up to $250k depending on your credit score. If you don’t qualify, other option is HELOAN. Both are 2nd mortgage liens. Feel free to dm if you need any help in these loans or have questions. We can get it approved in as low as 5 days. 

Yes, you can do it. I've helped few clients in the past. Ask about DSCR no ratio products. Depending on the Lender, they can take less than 2 years experience. Let me know if you want to know it's guidelines.

@Leanna Nixon If you don't not any plans with the cash after refinance, then you probably shouldn't do it IMO. But if you know what to do with the funds after refinance, then you can go as high as 80% LTV for cash out refinance. In other words, if you own the property free and clear for $100K, you can take out up to $80K before closing costs. Hope this helps.

DM me if you need any help in checking how much you can cash-out/their rates etc. 

@Stephen Coleman - You can also do Foreign National Loans. Besides that, we have few Non-QM lenders which can do "No Ratio DSCR" as well where they don't care much about your income history or even rental income. Feel free to DM if you want any specific guidelines around these loan products.

#2 is risky. HELOC rates these days are very fluctuating. I have seen many clients getting burned because of it since last year. And then you are trying to do cash out refinance which also has not favorable rates and terms compared to just purchasing. What if price comes lower when you refinance?

So, Go with #1. Instead of 30% down, you can perhaps do may be 10-15% down? There are lending options around there. DM me if you need help. 

@Sarp Ka: We have multiple lenders which do 20% on a conventional loan if you qualify. DM me if you are interested and I can send you their guidelines for qualification.

Thank you.