All Forum Posts by: Marty Johnston

Quote from @Eric Rocha:

 I have borrowers looking in the South East and Midwest.  Any Gap funders you would suggest?

Hey Eric! None I could say with confidence without knowing more details on the borrowers experience, property type, city, and project numbers (PP, Rehab, ARV). I have some who will simply lend 100% of PP and 100% of Rehab  up to 70-75% of ARV in parts of the midwest and SE - feel free to shoot me a DM and we can discuss!

@Joe Allen you have some good options here already, but would love to provide a few options on this deal if interested in an alternative quote. Sent you a DM as well!

@Ashley Nelson always a sweet deal when you can secure with seller financing! It's hard to walk away from that when available. In your example here I really see two options:

1) Keep the seller financing, and utilize an unsecured loan by means of either a private investor (whatever you work out between you is your business), or by that of a personal loan, which would require very good income, credit, DTI etc to hit the $400k amount you're looking for. If you have an operating business with strong monthly cashflow, you could also look at an unsecured business loan.

2) Utilize a Purchase and Rehab loan with private/hard money. Depending on how well the numbers pencil out, location, assets, your experience etc, you could potentially obtain around 85% LTC. Some will also let you leverage a seller 2nd for the remaining 15%, though you'd still need to show 20% of rehab in reserves + sometimes 6 mos interest-only payments in reserves as well + closing costs. All things to consider.

Not all lenders allow for seller 2nds of course, so you'd have to shop around for one that would allow it. Im not sure exactly where this deal is located.

Thanks and hope this helps!

@Ilya Moundous this looks to qualify for some good SBL products, depending on a few factors. If you DO get to in-place Debt Service at 1.25-1.30+, you can get pricing in the 5's and 6's today (September 2024) through Freddie SBL. There are other requirements here as well though. Non-stabilized assets <80% leased are possible as well utilizing projection-based income for debt service, but don't expect to see pricing anywhere near the above - 1.5-2% higher is more likely.

I'll shoot you a DM to see if I can help!

@Wiley Strahan this may be a sweet spot for some of the small-balance commercial lenders we work with depending on where in OH (Rural is tough), and LTV being sought. I'd be happy to get a couple quotes together for you. Sending you a DM!

Quote from @Sarah Kensinger:

Carrie Douglas is in a STR mastermind with us and knows Wisconsin. I would reach out to her and see if she can connect you with someone....Carrie Douglas

 Awesome thank you, Sarah! I certainly will!

Hey All,

Looking for referrals or connections to A+ STR Property Managers in the Castle Rock Lake, WI area (New Lisbon, Mauston, Germantown Township etc). My family and I are contemplating building a 2nd home on Beach Lake or Sunset Lake in particular (5 minutes from Castle Rock Lake) and utilizing it as an STR the rest of the year when not there. If there is anyone currently operating an STR on Beach Lake or Sunset Lake, I'd love to connect with you as well if you're willing to chat!

Quote from @Osvaldo Benavides:

Does anyone know of any asset-based hard money lender that does not require credit check.

 @Osvaldo Benavides I have a couple lenders who do not check credit. Or some who simply have no minimum credit and only do a soft pull - but both are available.

DM me to discuss!

@Dani Hanna I'll echo other's here, if you've put at least $10,000 in renovations you can use the new appraised value to recoup up to 100% LTC not to exceed 75% new as is value

DM if if you'd like a quote! 

@Laurens Van swol you have a lot of responses here already, though if you'd like to shop around for some additional quotes, would love to provide you some quick pricing! Send me a DM or e-mail me at the address in my signature below, or call at (414) 600-0123.

Happy Friday!