All Forum Posts by: Ryan O'Mara

@Jennie Ohyoung - Not all rental lenders will do blanket loans for multiple properties.  But there are many that do.  And they all have different requirements: min # of properties in the loan; max # of properties in the loan; min value per property or per door; min loan amount, min dscr per property; rented or vacant; etc...

A good broker can help you find the right lender option for your specific deal. Send me a message if you need assistance.

@Taelonn Harper - a good mortgage broker can help you find multiple lender/lending options for your deals.

@Diva Rescia - a good broker can find options for you.  Besides the usual things the lender will want to see, they will also want to see that you are an experienced investor and that you have a property management company set up for the property.

@Cody Burckhardt - Seasoning is only an issue when you want a lender to lend off a new higher value than what you paid for it.  This is either because you got a great deal on the property or you added value through stabalization and/or renovation.

Many lenders will do what is called a delayed purchase and lend off the price you paid for it.  Or you could treat it as a cash out refi but again, the lender will lend a % of what you paid for it.  Usually delayed purchases have higher LTVs than a cashout refi.  

@Seb Ko - There is an abundance of lenders that would do a cash out refi on a 3-unit rental.  Not sure why you would be having trouble finding one just based on the property type.  If you move into the property and make it an owner-occupied deal, then your lending options would be restricted to owner-occupied residential loans only.  

@Candido Trinidad - You can do a cash out refi on your existing property. You won't get more than 75%LTV. But it would give you cash for other purchases.

@Karen Kikalo - I work with DSCR lenders that would go up to 80%LTV on a purchase if you're FICO is high and the dscr works.

So there are options.

@Brock Dowis - I work with dozens of lenders (banks, HMLs, DSCR, etc.) and none of them would allow for what you're looking for. Perhaps some private lender out there would. But typically a lender will lend on the lesser of the purchase price or the appraised value. And even then, it's only a percentage. So any way you slice it, you need to have down money.

@Andy Sabisch - Seems like you options are:

1. Pay cash to purchase quickly and then refi with your bank.

2. Negotiate a longer close period on the contract to give time to get the bank loan done

3. Use a hard money bridge loan to purchase and then do a take out loan later with your bank

@Marc S. - Sometimes it makes sense to purchase all cash. Usually speed is the reason so that you don't have to wait for financing or perhaps it makes your offer more attractive to the seller. Once you've purchase with cash you can often do a refi with a lender right away. Many lenders offer what they call a "delayed purchase" loan. They treat it as if you're purchasing and typically give higher LTV then a regular cashout refi. But even just a straight cashout refi would work too.

And seasoning isn't really an issue unless you've done some sort of value add (rehab) and want the lender to lend off the improved value of the property.  Almost any lender will do an immediate refi based on your LTC (loan to cost).  This is what you paid for it + any verifiable improvement costs.  

So you have options...