All Forum Posts by: Ryan O'Mara

@Chase Gu - There are many commercial loan options for 1-4 unit properties.  Most have fixed periods of 5 or 7 years.  Usually they are 30 year am.  Some balloon and some just become ARMs.  There are options for 30 year fixed rates, but those will be in the 7-9% range.

But yes, there are options.

@Mckinley Baggett - You have options within the commercial lending space.  You can get up to 75% of appraised value after 6 months and up to 70% after one month.  Every lender has different seasoning requirements.  But there are options.

@Brandon Jackson - In general, a rehab lender will lend 80% of purchase price and 100% of rehab not to exceed 65-70% of ARV. Again, these are general terms. If you're an experienced rehabber with docs to prove it, you could get better terms. If you're a repeat borrower with a lender, the terms get better.

Some lenders will advertise 100% funding, but those lenders still often require the borrower to have 15-20% reserves in a bank account.  So you still need money.  

You may be able to network with an individual in your area willing to lend their own private money who would do the deal with you. Try joining a local REIA to network with other investors and/or private lenders.

Or you can PM me about how you can learn the commercial lending business maybe earns some money along the way.

@James Lim - there are many commercial lending options that would prefer you to close in an LLC. PM me if you need assistance.

@Junaid Anwar - commercial loans come in many flavors.  For 1-4 unit properties terms can be 3,5,7,10 even full 30 year fixed.  Some balloon and some just become ARMs .  It depends on the lender and what programs they offer.

@Account Closed - There would be many commercial lenders willing to consider this.  I would need more details on the property.  PM me to discuss.

@Kyle M. - Sounds like you need a commercial mortgage. The most you would get is 75% LTV, but even at 70% LTV you'd get the amount you're looking for.

Your FICO is no problem so biggest factor will likely be seasoning. Most lenders require 6-12 months to consider 75% LTV. But as long as you've owned at least a month, you could get 70% which should work.

PM if you need assistance.

@Jonathan Franchini - There are many commercial lenders who could help you with either acquisition or refi or both and can blanket multiple properties.  Rates are certainly going to be higher than a bank but some can be as low as 5-6% range.  

@Travis Howser - There are many stated lenders who will lend to borrowers without W2 income.  PM me if you want more details.

@Duane Procter - There may be many options for you. Many non-bank permanent lenders will do blanket loans for multiple properties and prefer to lend to corporate entities. But they all have different criteria in regards to FICO, min. property value, min # of properties to do blanket, LTV, seasoning, lending territory, etc...

Since you purchased them in 2017 seasoning may be an issue.  If I had more details on the properties I could get you a more specific answer.  PM if you want to discuss further.