All Forum Posts by: George Despotopoulos

@Tasha Barnes I would go to BiggerPockets's NETWORK tab at the top of the page and look at the Hard Money Lender directory under the recommended vendors. You can then search by state. If you search by North Carolina you can view a bunch of different hard money lenders there and get some more info about them. Some may also have reviews from other BiggerPockets users. 

For your first one, I'd expect to put down 20-25% and received 100% of the rehab funds as long as you have a 680+ credit score. It's important that you have at least 20-25% + around 10% of the reahb funds + 3-6 months of loan payments in liquid assets in reserves. As long as you meet that liquidity requirement, your credit score is good, and the deal's numbers are solid then you should be able to get a good quote on a 12 month loan term (with no prepayment penalty). 

@Mary Ainsworth it would be helpful to know a bit more about yourself (experience, credit, etc) and what you're looking to use a lender for (is it going to be an owner occupied property, is it ground-up, a fix and flip, a rental that's rent-ready, a rehab to rent/hold project, etc). Hard to recommend a lender or offer help without knowing that! If it's financing for an investment, I can definitely provide more feedback and guidance. But, if it's owner-occupied (if you're going to house-hack for example) then that would require a different set of skills & experience.  

@Taj Richardson happy to help as well. There are 30 year fixed rate products that are underwritten to the property's cash-flow (and not your personal income) for 5-10 unit MFR (and mixed-use). The minimum loan amount is typically $250k-$300k and rates are around 4.875% - 5.875% for a 30 yr fixed rate & term.

@Michael Keane typically it's hard to negotiate as most lenders are quoting you based on a rate sheet, matrix, and their guidelines. It depends on who the lender is and what type of loan product / loan program you're getting into. You may not have success negotiating directly w/ the lender. It may be better to get competing quotes away. You'll be able to find 20% down on a duplex but the rate will be higher of course. If you go the non-bank route (like a hard money lender), you'll be able to get a 30 year fixed against a duplex at 20% down and the rate would likely be 4.5% - 5.125% depending on your credit score and the property's/loan's characteristics. 

@Vannery G. Foreign Nationals are able to get bridge (hard money, funding for purchase & rehab) as well as 30 year fixed based on property cash-flow. For bridge, I'd expect 70-85% of purchase price (depending on experience and the deal's numbers) and rates of 8.5% - 10.25%. 

For 30 year fixed based on property cash-flow, max of 70 LTV, rates in the 5.25% - 6.25% range for most -- again depends on the scenario a bit, it could be higher/lower.

@Nat C. for foreign nationals on a 30 year term, you'd be looking @ 60-70 LTV and rates in the 5.25% - 6.5% range (again, this is for a 30 yr fixed).

@Steven Thinnes I wouldn't completely discount non-bank lenders/DSCR Lenders that only underwrite to the property's income and can close in 30 days. Rates would be around 4.5% - 4.875% @ 80 LTV

@Xoel Rey -- what is your current loan balance, rate, and is it on a 30 yr term or less? That would be good to know. You can get up to 75 LTV on a 30 yr fixed based on property cash-flow at 4.5% - 4.875% but not sure how that compares to what you're on now.

@Reed Rickenbach of course, as you're probably aware, you can get 90% of purchase & 100% of rehab from a hard money lender (if your deal needs a rehab hold-back). On the refinance, with as little as 3 months of seasoning, you can get 80% LTV on a cash-out w/ a DSCR lender (30 yr fixed based on property cash-flow) -- there's no cap on the loan not exceeding your cost basis.

@John Clark your options will depend on your credit score, where the properties are located, and what the values are. You should be able to get a 30 yr fixed rate at pretty attractive terms. This would be based on the property's income and not your personal income -- so being retired is not an issue.