All Forum Posts by: Rob Austin

Is there no chance of you having a co-partner/co-sponsor on the loan? We need a 640 for cash-out refinances, but if we get this, can absolutely help you out!

Our LLC has two members, one with 648 mid score and one with 628 mid score

0 Votes

Evansville, Indiana

Quote from @Mike Klarman:

Never heard of a DSCR Bridge loan. They are two separate things. Are you looking to pick this triplex up first on a bridge loan with rehab and then refi out to a DSCR loan?

So the bridge loan will be based on the ARV of the triplex post rehab. You'll get 65% - 75% of that ARV as a max cap number, with your credit probably 65%. Inside that max loan subtract the rehab and what is left is the amount you can get toward the purchase.

It's on a fix and flip loan that ends in April.

Need a no doc or asset based bridge loan

1 Vote

Evansville, Indiana

Look for a DSCR bridge loan on a fix and flip triplex

Its rented out already. 625 fico.

3 Units $855, $855, $1200

$201,500 owed, $320,000 value

75% LTV

4 Votes

Evansville, Indiana

Quote from @Givo Aghasi:

@Rob Austin I agree with the other comments. Your best option would be if you have a partner that does have a better fico score. Is the subject property in your personal name or entity?

Entity. My FICO is 620 now, looking for 75% ltv

0 Votes

Evansville, Indiana

Please share providers that don't care about credit score for cash out refinance.

Triplex in Indiana

Property value: $308,500

Owed: $201,500

Need to cash out refinance at 75%

Credit score 589

I already have a list of 20+ lenders who will do the deal at 640 credit score.

Not looking for advice, just looking for lenders that don't mind the credit score.

Thanks

0 Votes

Evansville, Indiana

The property is worth $315,000, the payoff is $201,500.

I'd like to cash out and refinance DSCR in to a 30 year.

0 Votes

Evansville, Indiana

Quote from @LaShawnda Robinson:

Quote from @Rob Austin:

In my market there are a lot of homes that are between $30k and $75k that could easily be turned into short-term rental investments.

I'm wondering if there are any non-conventional lenders who loan for this price range.

It would have to be dscr or something similar rather than conventional.

I specialize in loans $75K or under for real estate.

Non conventional? Like DSCR etc.

0 Votes

Evansville, Indiana

Quote from @Erik Estrada:

Quote from @Rob Austin:

I'm under contract for a triplex in Boonville Indiana, the purchase price is $192,000, the arv is $280,000 and will need $20,000 in renovations.

Looking for a lender who can do "rural" fix and flip (hold for air bnb or long term). I don't feel like it's rural, but I'm being told that it is because the comps are 10 miles away.

Needs to be 90% LTV.

Any ideas?

Do you have experience? Any flips completed prior in the area?

3 buy and holds in the last 2 years.

0 Votes

Evansville, Indiana

All Forum Posts by: Rob Austin

Rob Austin has started 9 posts and replied 20 times.

Post: Rate and term DSCR refinance with 625 FICO

Post: Bridge loan 620 Fico

Post: Bridge loan 620 Fico

Post: Bridge loan 620 Fico

Post: Bridge loan 620 Fico

Post: Looking for cash out refinance 75 or 80% with under 600 credit score

Post: Cash out refinance for bad credit

Post: Looking for cash out refinance 75 or 80% with under 600 credit score

Post: Loans for properties between $30,000 and $75,000

Post: Rural fix and flip, comps are 10 miles away