All Forum Posts by: Matt Fish

I searched the forums but for some reason, I couldn't find any posts on B2R Finance. Does anyone have any experience with them? I am looking to do a cash out refi on a renovate to rent project. If not B2R, maybe you have a positive/negative experience with another lender? 

@Jeff Hanson Great Job Taking Action!! Keep it up. If it doesn't get accepted, make 10 more!

@Paul Loughman Welcome! I am also an investor from Wilmington. Lots of great people and information on this site so spend some time here learning and sharing. What type of property are you looking for and where are you looking?

Matt

@Brian Leigh Welcome. Great to see more Delco investors on BP

@Octavio Garcia Having a LLC will generally not do anything for you tax wise as the income is still passed though to you personally. It is there for asset protection to try and help shield your personal assets from potential lawsuits. There are tons of discussions on BP about LLCs vs additional insurance coverage. Everyone has a there own opinion so it is a good idea to read as much as you can and see what you think after that.

James is right about looking into the self directed IRA. Can really help you build tax free gains for the future.

Best of luck with your closing!

@Maurice Caulk Welcome to BP! It is a great place to network and learn. Congrats getting back on the horse after a tough start. Hopefully. the knowledge and friends you make here will have you off to a much better second start. 

Matt

@Natalia Kinard Welcome! Where are you currently investing and what kind of deals are you doing? 

Matt

@Aisha E. I agree with Ryland and Frank. You need to find another lender that will lend on the current value. Here in Delaware, I have not heard of a bank only willing to lend on the purchase price after renovations are complete. They are basically telling you they are only willing to give you a loan around 15% LTV and you should be able to find a lender to do 70%-75% LTV now that the project is complete. Talk to a lot of lenders, learn their standards, build relationships, and you will find better options.

@Tzvi Ausubel Like I am sure you have heard 100's of times before, it is a numbers game. The more deals you analyze, the better you will become at analyzing deals and the more offers you make, the great chance you have of one being accepted.  Keep going and I am sure you will be updating us on your first purchase before you know it.

Matt

@Silas Johnson The number of years a loan is amortized over is separate than when the loan is due when it comes to commercial loans. The reason commercial loans need to be refinanced or payed off in 5 or 7 years is because it give the bank a chance to make sure your business is still performing well and can still qualify and pay the loan. It also allows them to adjust the interest rate to the current rates. 

They have to amortize them over a longer period though because otherwise the monthly payments would be too large to pay. So they are amortized over 15 or 20 years to make the payments manageable. Hope this helps. 

Matt