All Forum Posts by: Marty Johnston

@Spencer Elliott can you provide some details on the deal? Purchase price, LTV required, terms of the takeout construction loan, etc. Someone to close that fast will need to be PML or low-leverage hard money lender in most cases. Otherwise if you qualify unsecured financing may be a good option for you as well. Funding in 1-2 weeks easily, no appraisal or up front costs, and no prepayment penalties or minimum interest so pay it off with the construction loan any time.

@Daniel Murphy I've always found the best luck with local credit unions to offer the best terms on HELOCs. I have 2 currently, both with 2 different credit unions, and both were no-brainers on low (no) closing costs and lowest rates (still 2.99%-3.99% IO HELOC with 10-yr draw period and 15-yr term). Start there first for sure! Good luck!

 Hey John, happy to help as well! I'm a mortgage broker and have helped a number of investors secure financing for mobile home parks, both bridge or long-term financing options. I'll send you a DM to connect!

 Kiyana, I'd love to connect with you and discuss options! I work wit a lot of 1st time investors and have lenders who can help so long as the deals pencil out and other parameters are met for the project. Sending you a DM!

@Alex Bekeza

I did confirm that with an exception, yes they could use boarder / room rental rates as opposed to 1007 market rents, so long as we had the 12-mos cancelled checks verifying income amount as well as executed leases.

In my exception request however, I was reminded of their exposure limit of $5M to any singular borrower/principal, so with the $8M total @Dan Nguyen we wouldn't be able to service all 20 unfortunately.

 Jae, I'm local to you here in Milwaukee (Wauwatosa) and would love to connect! There are options here available to you. Sending you a DM

Would love to help! Sending you a DM

Johnny, there are lenders who offer DSCR loans down to 640 on a 30-yr! Rates aren't fun, especially in our current market, but they're certainly obtainable. Sending you a DM for more info.

Dan

One of my wholesale lenders offers what you're looking for up to an 85% LTV on a 40-yr Fully Fixed, but capped to 80% on the 40-yr IO/30-yr Hybrid. If the 40-yr fixed is of interest, it would all have to pass the full checklist here to qualify for 85% leverage, ALL of the following must be met:

1. Must be rate and term refi - cashout is capped to 80% LTV
2. DSCRs 1.20+ (can qualify DSCR based on IO payment)
3. Assumes 740+ credit score
4. Must be currently leased. Vacant properties can still qualify for financing using market rents per a 1007 rent schedule, but will be capped to 75% LTV
5. Min SF of 600 SF (SFH) and/or 400 SF /unit (2-4 Unit)
6. If appraisal determines a declining market, a 5% LTV hit is applicable

 The 40-yr with 10-yr IO/30yr hybrid is available, as well as a straight 40-yr fixed (0.25% bump to the rate). 3-Mos ITIA reserves required.

If all these boxes are checked, shoot me a DM to discuss!

 Shanor,

I have rehab loan options in Cook County with lower/no credit score requirements. What are the numbers for the deal?