All Forum Posts by: Miranda Holland

You can go with a nationwide lender if you want, you just want to make sure they're a real lender.  They do depend on local appraisers to determine property value. 

 I haven't heard of them.  Are you nervous about working with them? 

If you made it this far, the lender has to know that you do not have much Liquidity. I'm hearing a lot of these lenders are looking for excuses not to close at the last minute these days because they don't have as much money as they claim. 

See if you can stall the seller for a week or two and look for another lender is my advice. You already got the appraisal done I'm assuming. Another lender might just accept your appraisal so it wouldn't take as long 

Right now my borrowers are getting around 7% interest rates on their cash outs and I heard the fed just raised rates again. I guess it's all about whether you prefer the cash or the line of credit 

Lending criteria vary from lender to lender and that can be frustrating. Most private lenders only lend for non-owners occupied investment properties. They do that so they won't have to fall under the same laws and regulations as institutional banks. 

So it's best to ask the bank offering the program you're speaking about if living in one of the units will strengthen your position.  They might consider single family to include triplex for that program but only they would know. If it's your first home you might qualify for 1st time home buyer benefits.  

Alot of private lending companies would lend to new investors when it comes to fix and Flips, bridge and rental loans.  When it comes to large rehab projects and new construction, they tend to require at least a few regular rehab projects as experience before they give you money for new construction.

I believe you have a chance of getting around that if you partner with someone who has done rehab projects recently and/or prove that you have quality help.  Your personal experience with construction helps too. You definitely want to show lenders that you have the knowledge and personnel in place to compensate for you not having the experience of supervising rehab projects yourself yet

 Do you have contractor experience in some other way? Have you supervised renovations on a rental? Why do you want to start with new construction? 

When using private and hard money lenders, they want you to have experience supervising renovations before they give you money for new construction. Have you done any fix and Flips in that last 3 yrs? 

Based on what you're saying, it sounds like a cash out refinance is possible through private money. But not all Private lending companies do cash out refis. I sent a connection request your way. 

They're definitely different private lending companies out there that do cash out refinances. It's easier to get a cash out refi on properties over 100k. The further below 100k, the harder it is to find someone to refinance it. Where is the property located?