All Forum Posts by: Rick Taldykin

@Ruslan Kotelyanets most commercial lenders will look for value in the property and security in the borrower. In some cases, when the DSCR falls below the standard 1.2, there are still ways around that for getting approved. Everything is negotiable, and exceptions are always around the corner, given you have proper "compensating factors" (reserves, schedule of real estate, strong rental history, low LTV, etc.)

Everything is a case-by-case basis, so be sure to ask your lender as many questions as possible so that you fully understand the terms.

@Trey T. not all lenders charge points up front on every program. You want to look out for that as it could save you a lot in up front costs. Some lenders have a variety of programs to choose from. The only time you should be paying points up front to a lender is on a hard money/IO option. 

@Stephon Mosby Williams Have you considered going private money? Not all private money is hard money. 
There are "soft money" asset-based alternatives that will lend you up to 75% LTV going just off property value and your FiCo.
These programs are easier to qualify for than traditional banks, and will close a lot quicker. If you are an experienced investor and have proper rents to support your investment, going this route could allow you to expand your portfolio faster than traditional banks. 

@Chloe Reddick-Jackson Velocity lends in NJ

Well said, @Eric Veronica

@Keith A. first off, sounds like you're on the right track, having free and clear properties to be able to put to use--congrats! Sounds like what you're after is an asset-based lender providing cash-out refi's. I've used them in the past on multiple properties, and depending on the property type, FiCo, and any compensating factors in your favor (reserves, seasoned investor, F&C properties), you can get really great rates. You should be able to get 75% LTV no problem on your properties.

@Jeff Williams there are other means of financing available. Private money lenders often don't consider DTI, but rather focus on your FiCo. Asset-based lenders will prioritize the value of your subject/investment property, and your FiCo secondarily--no tax returns nor bank statements necessary. Given that you and your spouse have great credit, that would be a compensating factor in your favor.

What terms are you looking for? 

@Matthew Kelley It's all situational--sometimes it's the better route to go for investors. I can answer any questions you may have. Shoot me a DM and I'm happy to discuss. 

@Justin Peila what type of property? 

@Shane V Charles Is this your primary residence or an investment property?  How long have you owned the property and what is owed on it? As Dan mentioned, there are ways of refinancing with no-income doc from private money lenders, but you wouldn't be able to do so if it was your primary residence. 

Happy to help if you provide details.