All Forum Posts by: Noah Wright

okay , thank you for your advice .I currently have the property under contract so as of right now  I should try my best to make it as good of a time as ever .

Hi,

I have two BRRRR loans with Fixated Funding, both starting and closing on the same day. One loan was locked at 6.9%, the other at 7.1%. However, I just received the closing docs, and the rate on the 6.9% loan has been increased to 7.8%. I wasn't notified about this change until I saw it myself.

When I asked why, they said the home inspection found some issues that were fixed and re-inspected, but I’m confused why this would result in a rate increase. Also, Fixated moved my closing date a few times, but luckily I didn’t have another deal at risk.

Does this sound typical? I’m mainly concerned about the rate change happening without prior notice, especially since both loans started and are closing on the same day.

I’m scheduled to sign tomorrow and close on Friday. Any advice would be appreciated!

Thanks!

Hi Guys, 

Looking for a lender that might be a good fit for a blanket loan on our portfolio in Pennsylvania.  Any advice or recommendation would be greatly appreciated. Thanks!

We have 5 properties totaling 16 units with a total rent roll of 11,875/month and occupancy is at 15/16. Four of them are multi family 2-4 units and 1 is a mixed used commercial store front with 3 apartments upstairs. Currently working with a lender who will lend on the multi fams but not the mixed use property. Our ultimate goal is to use one lender to underwrite all of them under one loan, or individual loans if need be. The total value that can be supported with our appraisals are 621k and we have 170k in debt. Two partners in the LLC with 700 plus credit and strong cash reserves.