All Forum Posts by: Nate Herndon

@Matt B. one answer to this would be to purchase on a bridge loan for 75-80% LTC, stabilize the rents to where they ought to be, then refinance into a DSCR product once you have that 1.00-1.20+ ratio. There is a 30-year 'no DSCR' product available as well at 75% LTC, but rate would be 11-11.5%. You could buy the prepay down to 1 year and essentially have a bridge rate on a 30-year product...refinance when you're ready.

Also, what expenses are you factoring for when you speak of the 0.53 DSCR? Just principal, interest, taxes and insurance? I utilize some programs for my client's 5-8 unit properties that only factor for PITI as expenses.

Wow, that looks like a really good property! Nice work on that one Anastasia. Not the first Indy MTR that I have seen cash-flow like that.

There are loan programs that I am utilizing for clients that still offer as low as $50k loan amounts in Pennsylvania. They do enforce a 5-year descending PPP.

Raju,

If you don't mind sending me an email (in my signature below), I have a data tape template that I can share. That will collect all of the information required to send quotes to you today.

A client of mine is a realtor in the Tulsa area. Please shoot me an email and I will get his contact info over to you.

I am not a VA loan expert, just someone who has used my own a couple times. If both sign for the loan, it would report for both on credit and count towards DTI. If the spouse not using their VA loan is simply being added to the deed but not to the loan, it would not affect credit.

How are folks financing these types of deals?

No, you would only be utilizing one individual's VA loan.

Removing the PPP will be costly on rate, upfront points, or both. I'm still utilizing programs that allow for 3-year and 5-year prepays in PA. This helps the interest rate considerably,

Hi Robert, shoot me an email at the address in my signature and I can send a few different SOW templates your way to give you an idea of what sort of checklist should be considered. Anyone else reading is welcome to do so also.