All Forum Posts by: MJ Richlands

just a little update. Not a single lender above could do rural DSCR in NC. gave brandon with all loans funding 8 weeks and they were just all talk on delivering what they promised. forwardlendingmtg.com was who they used and couldnt get it done

@MJ Richlands are these acquisitions, rate-term refinances, or cash-out refinances?

i wanted a cashout 1.2 dscr of 70% ltv for a 159k property i own outright with 680+. i was even ok with 65% ltv but easy street has 150k min loan

I'm not sure who you talked to but we have a minimum loan amount of $100K. 65% of $159K would be $103,350, which would be an eligible loan for us. Sending you a PM.

yes you are right its 100k min. not sure what the roadblock was then

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Coastal NC, North Carolina

Quote from @MJ Richlands:

ultimately brandon did get it done. not sure if it was the lender or broker that pushed things way past deadline but i would use them again if time wasnt an issue

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Coastal NC, North Carolina

Quote from @Zach Edelman:

Quote from @MJ Richlands:

@MJ Richlands are these acquisitions, rate-term refinances, or cash-out refinances?

i wanted a cashout 1.2 dscr of 70% ltv for a 159k property i own outright with 680+. i was even ok with 65% ltv but easy street has 150k min loan

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Coastal NC, North Carolina

Quote from @Tom S.:

@MJ Richlands Sorry to hear. Just curious, what was the reason why no lender could get it done?

Here in VT, most areas are considered rural and I've had good luck with my local banks or credit unions that know the subject property (very small towns!)

i guess small sample size of responses from this thread but it was either rural or NC or under 150k loan that ended talks early. only all loans funding fit the criteria but at the end of the day they missed deadlines and changed numbers when it all boiled down to signing

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Coastal NC, North Carolina

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Coastal NC, North Carolina

Quote from @Dave Kush:

I use RentRedi without issues. That said, there's definitely a delay. I was using PayPal, cause instant and no bounce but really high fees

you happy with rentredi? ive been using turbotenant which is cheaper but definitely clunky

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Chicago, Illinois

Quote from @Jacob Sherman:

can go to 75% but will need 6 months reserves . is it a cashout ? cashout can be used as reserves

yes its a cashout and 0 mortgage

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Coastal NC, North Carolina

Quote from @Nate Herndon:

@MJ Richlands

I have a program that can assist with rural-appraised long-term rentals at 65% LTV - we just closed a deal in Windsor, NC that struggled with comps, but we were able to get it done. That program only requires a $75k minimum property value and a $50k minimum loan amount.

Here is an example of what that would look like.