All Forum Posts by: Marty Johnston

@Bruce Bennett you most definitely have options here. We haven't discussed Credit or estimate values, but you could comfortably obtain rates in the low 7's / High 6's right now on a 30-yr fixed with several lenders at 50% LTV depending on whether you want to pay pts or not. However, with rates coming down and the likelihood of you wanting to refinance again in the next 12-24 months, the prepayment penalties on the lowest rate options will have longer Prepayment Penalties (5 years). I'd suggest requesting a reduced (1-3 yr Prepay) which will cost a higher rate, but it'll likely be short term given the anticipated market trend that it would be worth it in the long run.

Feel free to shoot me a DM if you want to discuss options. 👍

@Imdad Rahman I have options for Rehab Loans in Detroit with no Minimums, but it's true hard money. Expect 15% and 5 Pts. 

If interested, shoot me a DM! Happy to chat more about this.

 Hey John!
Which market in TN is this property located?

Separately, you mention the triplex is 'rare', ARV Comps may be difficult to find if there aren't many in the neighborhood, just something to keep in mind!

@Rob Allen there are options available to you here, including a 2nd, OR, a very unique / niche option is if you have strong cash flow for a property, you can obtain an advance against your cash flow with no liens, no appraisals, etc. This works well if a senior lender does not allow for a 2nd behind their first in particular. This works for most cash flowing properties. LTVs don't matter, its all about net cash flow after debt service and all other expenses.

Alternatively, there are lenders who allow a 2nd lien up to 90% CLTV on a 30-yr Fixed - 10% has to still be raised/brought by you. Or, if you'd consider a bridge loan, there are hard money lenders in TX who would allow a full 100% CLTV depending on the transaction. In both cases, if you want 100% financing, expect ugly terms. Don't expect you're getting the same 75-80% LTV DSCR loan and get the leverage you're seeking.

Shoot me a DM if interested in chatting more!

@Dave Rav Thank you very much for the recommendation and kinds words! Greatly humbled my friend. Would love to vet another with you. 😀

Years ago, I knew a group who offered a-la-cart processing services paid on a per file bonus. I cannot locate that company unfortunately! Seeking referrals for either an individual or company that offers something similar?

Specifically seeking someone/company with the following:

1. Knowledge of Commercial / Investor lending space (familiarity with entity docs, hard money, bridge, new construction, DSCR financing, is ideal)

2. Works on a per-file basis (Open to compensation per file discussions) << This allows me to maintain internally what I can handle, and outsource when/as needed

3. At least 3 references for commercial / investor financing processing (I will surely call all of them). Unfortunately, I don't have capacity to teach/train a new person

4. Able to work fully remote, (I do loans in 45-states nationwide, and will not have a workstation available)

Open to suggestions as well! Thanks all

Congrats @Lucas Miles! Looks like an awesome deal. HUD and Agency financing is another beast compared to conventional or non-bank lending (Secondary Market). Great wait to start out 2024!

 Sakshi,

Depending on the deals, loan amounts, asset classes etc, I may have competitive options for you in all states you referenced. Sent you a DM to connect to learn more to see if I can offer you something competitive.

 Hey Tyler,
I'd be happy to provide a couple quotes for you. Sending you a DM to connect to learn more.

 Naima,

There are lenders with less than 12-mo seasoning, however you'll likely be stuck at a max 75% LTC - meaning a loan at the lesser of 75% of what you purchased it for from the seller last year, or 75% of the as is appraised value. 

you can enter into a 25-30 yr term in your situation, but without knowing how much you brought in a down payment it's hard to pencil numbers (feel free to DM me to chat more on this).

many 1-4unit lenders are More flexible on the seasoning unfortunately than 8-units, but it sounds to me like you probably have options.

DM me if interested to chatting more about this!