All Forum Posts by: Account Closed

I appreciate it Chris. Would love to connect on some other projects. I’ll reach out via your website 

 Alternative or replacement to the 70% loan if can close by 2.9

I am currently working on acquiring a commercial vacation rental property, which I plan to transform into an 18-suite boutique hotel, complete with a public bar/restaurant and a pool. However, I'm facing a shortfall: I need an additional $300,000 for the down payment due to a delay in cash-out refinancing on three of my properties. These refinances won't close until February 23rd, unfortunately after the purchase deadline of February 9th. Ideally, I would need the cash for only 14-15 days, though I am open to longer terms if more favorable for the investor/lender.

To finance this acquisition, I've already secured a loan at 70% LTV and plan to contribute $500,000 of my personal funds towards the down payment. To make the deal more attractive, I am willing to offer a first position if the lender/investor can ensure closure by February 9th. The property is valued at $3,000,000 but is under contract for $2,500,000, providing instant equity of $500,000 upon closing.

I am actively exploring ways to quickly secure the required $300,000 and am considering various strategies, including negotiating with lenders or partnering with an investor. Additionally, I am prepared to offer either a first position on the loan or cross-collateralize with my portfolio of seven vacation rentals, valued at approximately $12 million, with $6.5 million in available equity and generating $1.4 million annually in gross rents.

Given the potential of this project, combined with my experience and the collateral available, I seek advice on approaching potential lenders or investors and effectively negotiating terms within such tight time constraints. Any insights, experiences, or contacts you could share would be immensely valuable.

I am currently working on acquiring a commercial vacation rental property, which I plan to transform into an 18-suite boutique hotel, complete with a public bar/restaurant and a pool. However, I'm facing a shortfall: I need an additional $300,000 for the down payment due to a delay in cash-out refinancing on three of my properties. These refinances won't close until February 23rd, unfortunately after the purchase deadline of February 9th. Ideally, I would need the cash for only 14-15 days, though I am open to longer terms if more favorable for the investor/lender.

To finance this acquisition, I've already secured a loan at 70% LTV and plan to contribute $500,000 of my personal funds towards the down payment. To make the deal more attractive, I am willing to offer a first position if the lender/investor can ensure closure by February 9th. The property is valued at $3,000,000 but is under contract for $2,500,000, providing instant equity of $500,000 upon closing.

I am actively exploring ways to quickly secure the required $300,000 and am considering various strategies, including negotiating with lenders or partnering with an investor. Additionally, I am prepared to offer either a first position on the loan or cross-collateralize with my portfolio of seven vacation rentals, valued at approximately $12 million, with $6.5 million in available equity and generating $1.4 million annually in gross rents.

Given the potential of this project, combined with my experience and the collateral available, I seek advice on approaching potential lenders or investors and effectively negotiating terms within such tight time constraints. Any insights, experiences, or contacts you could share would be immensely valuable.

@Joshua Silver in what event would they freeze a 1st position HELOC? 2nd position is far more likely to be frozen.

Looking for lenders/banks offering 1st Lien HELOC on a primary residence (jumbo loan). Located in the Nashville area.

A family member of mine is looking to purchase his first home in the Orange County California area. He is looking to shop around for mortgage rates and I told him I'd reach out to the Bigger Pockets community. I have a great list of small local bank connections in my network here in Nashville and a great community of investors I can count on through a Facebook group but don't have the connections in California. 

He is looking for the lowest possible monthly payment to purchase his home. More details below:

Home Type: SFH
Loan: Primary, First Time Homebuyer
Credit: 750+
Downpayment: Less than 20%
Location: Orange County
Rates: 3.375% or less

Thanks,
Joe

@Korey Yelton the properties are located in Nashville, TN. One of the homes will be a primary and the other an investment property. Planning to put down around 10% for the primary and 20-25% for the investment. 

Currently looking to close on 2 properties with 2 jumbo loans. Wanted to check with the BiggerPockets community and find out if anyone has any recommendations for getting the best rate possible and where to start looking. 

Does anyone know if a product that allows for a non-owner-occupied co-borrower on a jumbo loan exists? The only product I've been able to find would require 20% down. Looking to finance in Nashville, Tennessee on an $800K+ primary residence home. I would be the non-owner occupied co-borrower and my girlfriend would be the owner-occupied co-borrower. I currently own a primary residence here in Nashville but she is a first time home buyer and this would be her primary residence.

I've been shopping around and haven't had any luck finding a product that would allow me to put less than 20% down.

Thanks,

Joe