All Forum Posts by: Miranda Holland

I'm wondering if there are any major advantages in low LTV portfolio loans for multiple properties other than helping with the conventional loan max. For example, what do the rates look like on putting 5 properties into one 30-year fixed portfolio loan with 50% LTV? Is it possible to get a better interest rate than 15-20% down conventional products on the individual properties? Is it possible to get payment schedules that aren't as frontloaded with interest as conventional?

Thanks!

Right now my borrowers are getting around 7% rates with credit scores in the mid to high 700s. Loans are designed to put the interest at the front. The way around that is to make extra payments on the principal and pay it off early

0 Votes

I would call a title company and see if I could close through them

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Detroit, Michigan

Quote from @Changseok Kim:

@Miranda Holland

Yes

Private lenders oftentimes have products that fund vacation rentals. The more experience you have as an investor, the less you're required to put down. I just sent you a connection request

1 Vote

Detroit, Michigan

Are you looking to put just 10% down?

1 Vote

Detroit, Michigan

Quote from @Jason Deangelis:

Hello everyone! Happy to say I am on my second investment property in 2 years. Bought this house in June and im 1/3 thru the renovation to get the house up to its full market value. Im using a mixture of cash, and a heloc on another home I own.

Im hoping to get some advice on obtaining a cash out refi as this will be my first. Questions about minimum time time frame, competitive lenders to look into, and anything else I might want to be aware of so I am prepared for the transition with grace will be very much appreciated. Thanks BP community!

Alot of lenders have a seasoning requirement of 6 months or even more. Some lenders don't have a seasoning requirement before refinancing. The further below 100k property value, the harder it is to find a lender to refinance it. The rates that I'm seeing now are around 7%

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Quote from @Zaid Badabwan:

Hello Friends

I am shopping for the best mortgage and already applied to two lenders. At the end, I am going to accept the best offer, but would like to know my responsibility toward the the other offer which will be declined. Would I pay anything like appraisal, or closing cost?

Appreciate your advice

At this point in the process, I wouldn't be trying to burn any bridges. I don't think there's a need to call lenders just to turn them down.

The lender will likely follow up with you when they don't hear from you. When they call, just polightly tell them the truth without shutting the door on them. Real Estate loans are complicated and can fall apart at anytime. Not to mention, certain lenders are coming up with all kinds of excuses not to close on loans these days.

You shouldn't be paying for an appraisal until you accept a loan offer.

1 Vote

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

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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%

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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%

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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

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Jacksonville, Florida

All Forum Posts by: Miranda Holland

Miranda Holland has started 2 posts and replied 172 times.

Post: Portfolio loan for multiple properties

Post: Private Money - Family/Friends

Post: 10% vacation home loan in Michigan

Post: 10% vacation home loan in Michigan

Post: Cash out refi on new property?

Post: shopping for best mortgage

Post: Looking for rates on Buy and hold properties

Post: Looking for rates on Buy and hold properties

Post: Looking for rates on Buy and hold properties

Post: DSCR Lender for Florida closing