All Forum Posts by: Robert Clifford

In 2021, I refinanced some properties with some PE-backed lenders.  The loan officers convinced me to put them on a multi-property loan.  There were provisions to sell individual properties out, and when I got an offers, I took them based on the direction from the servicers that they would recast the loan.  After I sold the property, they would not recast the loan.  I lost a chunk of income, such that I could no longer service the loans.  The lender/investor is unwilling to negotiate, and I'm looking for some help to refinance the properties (short or long-term) and get them into individual loans.  They have cash flow, and there is equity; the issue is that all of this has negatively impacted my credit score.  There are two loans, one that's around $1.2M and one that's around $500k.  Looking for a private lender.  Properties are in Columbia, SC and Greenville, SC.

Jacob, partnering is the first thing that came to mind.  If you don't want to enter a long-term relationship with the partner, you can structure the operating agreement for a buyout after a certain period of time.  You could agree on the price beforehand, so the partner knows what kind of return they'll get.

I have a private lender who gave me a HELOC on another property for 12 months, that allowed me to take down a deal like this. It worked well.

Just a couple of thoughts.

One caution is the time frame.  I've gotten bit twice where my initial term was too short.  In my area, for rentals, lenders/appraisers want properties to season longer, and have had significant delays with the entire underwriting process.  Conceptually, I like the idea and may try it myself! 

Best of luck!  Let us know how it goes.  If you want to kick some ideas around, let me know.

Jacob, partnering is the first thing that came to mind.  If you don't want to enter a long-term relationship with the partner, you can structure the operating agreement for a buyout after a certain period of time.  You could agree on the price beforehand, so the partner knows what kind of return they'll get.

I have a private lender who gave me a HELOC on another property for 12 months, that allowed me to take down a deal like this. It worked well.

Just a couple of thoughts.

Hi Tim.  I've used plastiq a lot - it really meets a lot of my needs.  Your predicament is pretty common.  You could look at your deal and maybe restructure the agreement to count it as "Rent" vs something else, and potentially pay it directly to the seller, or Brokerage, and ask them to put up the Earnest deposit for you.  It's an extra step but could be a workaround.

https://help.plastiq.com/hc/en... 

@Rob Bergeron One more link please and thank you.

@Troy Gandee. Lease option is my fall back. I found a bank that will give me a loan against the note. I want my cash out to put into something new. I don’t want to take in undue risk, but this transaction could teach me about some new options.

@John Underwood. New to me too. I did some research and inthink maybe it’s called a deed of trust. Still no word if allowed in SC. I’ll send you a PM.

@Matthew A Rodriguez I’ll send a PM.

I was approached by a wholesaler who wants to buy one of my Airbnb properties.  I've bought with seller financing, but haven't been on this side of the transaction.  The seller is going to give me a note above the amount I still owe on the mortgage.  He said we would utilize a payment service to ensure payments are made, and also a "performance deed", so that if they stop paying I could reclaim the property without going through a year-long foreclosure process.  The property is in South Carolina, and I've talked to one attorney who said run, and I've reached out to a second to ask about this type of deed.  

If you have experience with this, please let me know or point me in a good direction.  I'm looking for a way to make it happen, without exposing myself to undue risk.  

Thanks