All Forum Posts by: George Despotopoulos

@Account Closed there are also non-bank lenders that can offer a 30 yr fixed against/for a 5-12 unit MFR (in addition to the 1-4 units). Downpayment is around 30% and expect rates in the 5.75% - 7.25% range for a 30 yr fixed if it's 5+ units or 5% - 7% if it's 1-4 units. The loan could be to your LLC or individual name. Rates may be higher than a commercial lender but it's a 30 yr amortization schedule and much quicker/easier process.

@Kristen P. - there are non-bank lenders that can offer a 30 yr fixed on a 5-12 unit MFR. Rates are a little higher because it's based solely on the property's income and not your own but that may be helpful if you don't show income for whatever reason. Downpayment would be around 25% - 30%.

@Robert Withers where is the property located & what's the purchase price? 

MoFin Lending! 

Hey Josh, what sort of properties are you targeting & in what price range? Have you done a flip or rehab/hold deal before? 

Hey @Robert M. -- how many flips have you done and what did the numbers look like on those (purchase price, rehab budget, and ARV)? Also, what's your credit score? Private/HML could qualify you for a ground-up construction loan if those look two items look decent. I would expect 50% - 60% of the as-is value/purchase price to be provided on the acquisition & 100% of the construction costs @ 10% - 13%.

There are also non-bank lenders that can do a cash-out refinance on an Airbnb or short-term rental. You would need 12 months of income statements. 

We can definitely do a blanket loan or cross-collateralized loan. When it comes to OP's initial comment, our rates wouldn't meet their expectations here. We're a non-bank direct lender. We use our capital to lend to investors. We have a different set of criteria and underwriting process than a bank or non-qm lender would have. Our loans/process does not look @ personal income, net worth, DTI, etc. We look at the property's income. We can offer a 30 yr fixed rate cash-out (70% - 75% LTV) but the rates would be in the 5% - 6% range.

I would check out Accumera: https://www.accumera.com/ -- I used them a lot when I was an attorney. 

Feel free to include me as well

@Slawek Pajak there are HML's that offer ground-up. Expect 50% - 60% of the as-is value (of the lot) & 100% of your construction costs as long as those two numbers are 60% - 70% LTARV. The loan would be 80% - 90% of your total cost. Rates are 10% - 14% and interest is either charged on the full loan amount (dutch) or the amount that's been disbursed (non-dutch) it depends on experience & credit score.