All Forum Posts by: Morris Cohen

I am looking for a framing contractor in indianapolis for a new build I am about to start on. The plans should be approved with the city soon. We have our foundation guy ready to go, so we're starting on the next step. I have my plans done and me and my contractor are starting to bid out subs. If any one has any framers they can refer me, that would be extremely helpful.

@Chris Ayers I can help you with that. If it's an investment property I can go up to 75% CLTV. For a primary I can go up to 90% CLTV. DM me for some figures.

@Derek Kockler If the property is on the east coast I can help. My rates on investment cash out are still really good compared to the rest of the market. DM me and I can send you some rough numbers. 

it depends on your current interest rate, new rate, how much it will cost to refinance, etc. It's very hard to tell with limited information. What I don't see though is why you wouldn't just keep the loan as is and purchase a new property with a conventional loan. This would likely be less costly than refinancing and then buying. If you need to tap into your equity, opt for a HELOC

Bottom line, there are many different ways to get you where you want to go. Feel free to call me or any other bank or mortgage broker to talk through some options.

@Ridge Gonsoulin I don't think there is a wrong answer here. The HELOC usually has low/no closing costs and you won't pay interest until you actually need the funds, but will typically be a floating rate. If you cash out, you can get a low fixed rate, but you are paying interest on the full balance from the day you complete the refi.

I'd probably opt for the cash out if you had plans to start the renovation right away, but I'd opt for the line if you plan on waiting a little while to get started. 

It's tough to tell without the full scenario. 

if you don't combine the two I can do an 85% CLTV as a rate/term investment refinance, but it would require A LOT of reserves.

Depends how dedicated you are to getting the info if you can’t find it here. You may have some success if you go to the Kansas City Federal reserve website and look at a list of all their lenders. They cover Colorado. If you have the time, download the list of members and call them each one by one. 

I can tell you we are still doing investment HELOCs, but we’re east coast only. I am sure smaller banks are also open to it, but I am also sure they would like you to run your operating account out of their bank. 

Good luck!

@Leo F. We are doing DTI calculations, but our rates are a LOT better than FOA. FOA also charged you points, which I don't do.

@Leo F. that's a 50% LTV on an investment cash out as opposed to an 80% rate/term, which is what Joseph was asking about (and what I was responding to). No exception is required for 50% cash out. I would only need significant reserves to do 80% rate/term on an investment property since that is an exception. That being said, your loan is small. We're much more aggressive above the $510k conforming limit and our guidelines would match that of any Fannie backed lender.

If you want to speak terms for your specific scenario feel free to PM me.