All Forum Posts by: Miranda Holland

Quote from @Charles Knight:

We lm what’ve o I need to do to qualify for a conventional loan ? It’s for a buy and hold 

Every lender has their own guidelines but conventional loan approvals are heavily based on the borrower's credit and income, whereas private loans are primarily based on the property value and exit strategy 

Quote from @Charles Knight:

Is that a investor loan ? My credit is around 693 to 714 

Yes. Thanks to the fed raising rates, right now they are getting 7 to 8% for rentals and refinances. Credit scores in the mid to high 700s.  So you might be closer to 8% 

Quote from @Charles Knight:

Buy and hold properties what is a good rate with you putting down 20 percent ? 

 Right now my borrowers are getting around 7%

Quote from @Mariel DeVito:

Any recommendations for a lender who can close quickly and with minimal paperwork needed? I have a property that I had rehabbed. $85K purchase price and it is now appraised at $187K with a tenant in place for $1600 monthly.  

 There are several. I sent you a PM

Quote from @Levi Collins:

Any recommendations for lenders that would consider loans as small as 50k-80k on some properties in Jackson County, Fl. No current liens but these properties have tax deeds, not warranty deeds if that matters.

thanks

Levi

 There are some. I just you a PM

Quote from @Sean Starkey:

I am seeking a private lender for my next deal. I want to build a relationship with someone to help scale my portfolio and also increase your return on your investment. Can someone give me an example of what a private lender’s terms could be? Would they fund the entire down payment on a house? What would be some ideal terms they would ask for? 

 If you're looking for an individual to be your lender, the terms are what the two of you agreed to.  Someone who has experience lending privately might have stricter terms where as someone new to lending might let you take the lead on terms.

Now when dealing with private lending companies, the rates tend to be competitive with the lending industry and they ask for 10% to 20% down based on your credit score and level of experience. 

I have several. I sent you a connections request 

Gap funding can be really helpful if it's needed and the deal has enough room to still make a significant profit 

If you're having trouble borrowing from a conventional bank, you can go private. There's private lending companies dedicated to lending to real estate investors without requiring W2 income. Approvals are primarily based on the deal.  However, they do tend to ask for 10 to 20% down payment. Since you already found an individual to help you with the down payment, looks like you're all set.

You can partner with the individual so he can write the check directly to the title company at closing or, if you guys are comfortable with him writing the check directly to you to deposit in your account, you won't need to partner.  Let the lending company know that you found someone to lend you the money for the down payment and they will tell you if they require a partnership if the check is in his name. 

More and more lenders are scrapping their HELOC programs. I think the most efficient way to find an institutional lender that still offers HELOCs is through a licensed mortgage broker.