All Forum Posts by: Noah Wright
Noah Wright has started 0 posts and replied 141 times.
Post: 0 down, 100% earn-out (art-backed), 15% premium
- USA, Nationwide
- Posts 156
- Votes 86
This falls outside of normal underwriting practices. If I were you I would contact my private banker at Chase or wherever you bank they would be the only ones who could put something together for this unique proposition. Best of Luck
Post: Finding the best interest rate
- USA, Nationwide
- Posts 156
- Votes 86
Quote from @Eric Rosiello:
Quote from @Noah Wright:
Quote from @Eric Rosiello:
I am interested in refinancing a property.
In the past, I’ve gone through the exercise of researching online and/or calling lenders in my area to find the best loan product.
Lenders’ competitiveness changes all the time so it’s worthwhile to go through the exercise every time (as opposed to just going with who had the best rate last time).
I am wondering if there’s anyone out there who is doing this as service ? Hopefully this person would do a better job than I do and would also save me the time of going through the exercise each time I am considering a refi or new purchase.
Thanks!
Eric
Hi Eric,
Absolutely, happy to help!
I'm an independent mortgage broker specializing in investment real estate, including 30-year rental mortgages and short-term construction mortgages.
I have access to a Terminal system that indexes hundreds of lenders based on dozens of qualification criteria. Extremely thorough and robust
Post: Finding the best interest rate
- USA, Nationwide
- Posts 156
- Votes 86
Quote from @Eric Rosiello:
I am interested in refinancing a property.
In the past, I’ve gone through the exercise of researching online and/or calling lenders in my area to find the best loan product.
Lenders’ competitiveness changes all the time so it’s worthwhile to go through the exercise every time (as opposed to just going with who had the best rate last time).
I am wondering if there’s anyone out there who is doing this as service ? Hopefully this person would do a better job than I do and would also save me the time of going through the exercise each time I am considering a refi or new purchase.
Thanks!
Eric
Hi Eric,
Absolutely, happy to help!
I'm an independent mortgage broker specializing in investment real estate, including 30-year rental mortgages and short-term construction mortgages.
Post: DSCR vs Hard Money Lenders
- USA, Nationwide
- Posts 156
- Votes 86
Absolutely! Happy to help --
Post: Current DSCR rates
- USA, Nationwide
- Posts 156
- Votes 86
Again, this highlights why you should be taking advice from actual lenders who do this all day every day, who see thousands of proposals, not some guy who got a bad deal and has an axe to grind forever now.
Post: Current DSCR rates
- USA, Nationwide
- Posts 156
- Votes 86
Quote from @Jeremy Horton:
Quote from @Matthew Tyson:
Not interested in blowing out my personal DTI. But, thanks.
To keep from asking this question again you can take a conventional mortgage rate (since it's the best deal) and add 1-2%. Wah Lah - a DSCR rate. Then add another 2% since we like to underwrite conservatively. There you go. Easy rule of thumb for you.
This guy is not a lender. Also incorrect.
Post: Multifamily vs Commercial
- USA, Nationwide
- Posts 156
- Votes 86
There's different ways, I would probably build it out as a 5-unit residential, not commercial. Otherwise splitting the parcel will make future financing a little easier and more affordable.
Post: HELOC on Rental
- USA, Nationwide
- Posts 156
- Votes 86
Quote from @Danny Van:
Hello,
I went to go get a HELOC on my rental property and most of the big banks said they do not do HELOCs for investment properties. I am trying to find a way to take out the equity to buy a new property. Any strategies, ideas, etc? I do not want to refinance because my interest rate is at 4 percent. Would appreciate some help with this.
Try TD Bank.
Otherwise, focus on a higher return investment, so that a refinance into higher interest rates is offset by your profit potential.
Post: Current DSCR rates
- USA, Nationwide
- Posts 156
- Votes 86
Quote from @Calvin Thomas:
Quote from @Noah Wright:
Quote from @Matthew Tyson:
Just trying to get a gauge on current DSCR loan rates. Curious what those who are looking at BRRRR refi's are getting quoted at, all things being equal.
6-7% best case
7-8% base case
9-10% worst case
beyond that we move to bridge/hardmoney options
9-10% best case
11-12% base case
12-14% worst case
17% SOS Emergency (avoid imminent insolvency, worst day of borrowers life, etc...)
Speaking broadly, of course
At those higher rates, what's the point?
Many reasons, terrible credit or recent bankruptcy, still wants to invest in a great profit opportunity. Some people have balloon payments coming due and have no other option. Spend long enough fielding calls and you'll see it all.
Post: Current DSCR rates
- USA, Nationwide
- Posts 156
- Votes 86
Quote from @Matthew Tyson:
Just trying to get a gauge on current DSCR loan rates. Curious what those who are looking at BRRRR refi's are getting quoted at, all things being equal.
6-7% best case
7-8% base case
9-10% worst case
beyond that we move to bridge/hardmoney options
9-10% best case
11-12% base case
12-14% worst case
17% SOS Emergency (avoid imminent insolvency, worst day of borrowers life, etc...)
Speaking broadly, of course