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All Forum Posts by: George Despotopoulos

George Despotopoulos has started 3 posts and replied 852 times.

Post: Maximum LTV? 85% LTV? In Ohio

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

Scott, as of now 85% LTV on purchases isn't a thing. Not sure if it will be in the coming months. I thought the same of 80 LTV cash-outs but it's something that's available on a case by case basis.

Post: How did you finance your sheriff sale properties?

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

Others are pretty much spot on. It's hard to use an actual lender for a Sherriff's sale or auction. Typically you'd acquire the property in cash (can be w/ an equity partner or your own capital of course). Once you're the owner of the property you can request a hard money loan for the rehab. You can do what's called a delayed financing -- you'll get the same loan terms as the purchase. 

Post: Cash Out Refi lenders

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

Hi @Mike Blackwood -- why do you say that only LendingHome fits your needs -- what's your ask? 

Post: Best place to find a Portfolio Loan

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

@Isaac Hebron - what's the purchase price (total/combined)? What's your credit score and how much are you looking to put down? 

Post: Hernando County, FL new construction lenders

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

@Lauren Thomas: not sure about banks but in the non-bank/HML space, you'll need experience for ground-up. Most likely, you'll need at least 1 previous ground-up deal or 3 heavy rehab projects in the last 36 months. Heavy rehab projects are usually deals where your renovation costs exceeded 75% of the purchase price. Typically terms are 50-60% of the purchase price / land value, 100% of construction costs, as long as the total loan amount is 80-90% of the total cost (purchase + construction budget) and 65-75% of the as-built value of the home.

Post: Cash out refinancing rentals to pay off primary home

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

@Braxton Warren -- You have fairly attractive rates across the board. I think an investment property portfolio loan, where you cross-collateralize the 1 loan w/ the 2 properties, will get you 75% LTV on both rentals and a rate around 4.5% - 4.75% for a 30 year fixed, with a 5 year prepayment penalty. I'm not too well informed w/ the various tax implications, but if you've confirmed w/ a tax professional that there's an advantage to the debt on rentals v primary, then perhaps it's worth it since investment property loans still carry very low rates. But, unless you have cash from other sources, there's not enough equity in the rentals to pay off your primary. You'll likely net around $165k - $175k from the cash-out refi on the rentals (assuming your pay-off figures are correct and you qualify for 75% LTV on each).

Post: What has been your experience with DSCR loans?

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

@Bernadeau C. you should be able to get some pretty attractive terms on 2-4 unit properties from a DSCR lender. The process should also be much more straightforward and quicker than other sources of financing. It's important to talk to a few lenders and get a feel for terms and responsiveness.

Post: Refinancing with Airbnb Income

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

@Janelle Hicks -- if they're all around 12 months of income each, you should be able to do a portfolio loan (or a cross-collateralized loan) with a non-bank lender (aka a HML or DSCR lender). All you will need to provide is a download/print out from airbnb showing the monthly rental income for the most recent 12 months. That's what will be used for the income portion of the loan -- no tax returns or anything else.

Post: Refinancing with Airbnb Income

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

@Janelle Hicks -- what happened w/ the HML that it fell through? Also, how long have you been operating the Airbnbs that you're looking to refinance? There are HML/non-bank lenders that can use your airbnb income to qualify you and you'd be able to get 70-75% LTV on a cash-out refi at a 4.5% - 5.25% rate or so. You'll be able to keep everything as-is.

Post: Lenders who will work with US expats living abroad

George Despotopoulos
Posted
  • Lender
  • New York, NY
  • Posts 928
  • Votes 271

Hey @Jeff Jindra working with a US citizen that's living abroad is not an issue whatsoever for some hard money or non-bank DSCR lenders. You can get the same terms as if you were living in the states w/ this type of lender. At max LTV (75% for cash-outs & 80% for purchases), your rate is likely to be in the 4.500% - 5.125% range. Process should take 21-30 days and you can do what's called a mail-away closing.