All Forum Posts by: Michael Montgomery

Found this somewhere you need to buy this house of your as a "rental". most HML will not lend to you if the purpose is for Owner-Occupancy. they will ask you to sign a business purpose declaration, stateing that the purchace is for investment purposes, essentially alleviating them of any disclosure issues that lending to ower occ purchasers creates via Dodd-Frank. Your end game will be to refinance said property into a typical bank loan, and once that happens the HML will not care if you move in.

Hello, I'm looking for a hard money loan to finance a home purchase and rebuilding cost. I am able to make necessary down payment. My intention is to later refinance into conventional owner occupied mortgage. It will make it possible for us to move and rent our current home without having people look through our home and business(we work at home and basement and garage is full of inventory). Plus getting that new tenant contract/deposit to qualify for the 75% right before we purchase a home sounds like a pain and risky. Located in Bergen county NJ. We are certain we will qualify for the conventional loan. Thanks, Michael

Awesome man, helped me get my ball rolling. I read you used lendingone for the HML and they look like what I need. Would it also have been possible to refinance with their rental loan program? Or would it not be favorable? Wondering why you chose the bank? Thanks

Yes I believe I must sign for the loan. Does anyone know of a possible alternative to get an SBA loan so that it would not count towards my personal credit and dti?

Hello. I'm in the process of getting an SBA loan for my business which is self proprietor, self employed. My question is if this will be counted as a monthly debt for my dti ratio for a home purchase down the road. My broker says it will but the lender says it won't. Don't know who to believe.