All Forum Posts by: Shawn Ackerman

So I was on the Phone today for about 2 hours calling one commercial lender after another (I have about 32 Commercial Lenders on my list) I'm looking for a portfolio loan/blanket loan to put 4 duplexes and two SFR into one deal. I found a seller who is trying to off load nearly his entire portfolio at a discount. Unfortunately after getting half way through my list I had to stop and attend to something else. And also unfortunate was the fact that the bank that offers a portfolio loan product does not lend in my investment area of Milwaukee Wisconsin ;(.... All good but for my local folks I feel that I should share the info with you. Hope you can use it.

Anyway one of the last guys I called was a cool lender from a bank here in NYC. This was basically his shpeal.  (See Below).  I'm not sure if I can share the banks info here so if your interested PM for the direct contact info.

Side Bar ---  IF YOUR LOOKING FOR RESIDENTIAL, PERSONAL OR INVESTMENT PROPERTY LOANS CONTACT @Jerry Padilla

So here's the info I received to day regarding the commercial lender.

Portfolio Commercial Lending Programs:

1) No Bank Points or Application Fees Charged and Low Closing Cost
2) Financing for Foreign Nationals (Leverage from 40 to 45%)
3) No minimum credit score
4) Past borrower Bankruptcy or Foreclosures allowed
5) Loans available in 5 States: NY, NJ, CT, MA, and FL
6) We specialize in funding challenging loan scenarios
7) Competitive rates starting at 3.5 (Multifamily, Underlying Co-op Loans and Mixed Use Properties)
8) Properties Financed: Multifamily, Mixed Use, Office, Retail, Warehouse, Underlying Co-ops Loans and SRO's
9) Blanket loans available (I can use residential or commercial properties in a blanket transaction to make the deal work)
10) Interest Only Loans
11) My best rate on Office and Retail requests is 4.25%
12) Seller 2nds up to a 85% CLTV
13) Loan amounts from $100k to $10,000,000
14) Term: 3,5,7 and 10 year term with a 30 year amortization and a 10/10 and 15/15 programs as well
15) We do not require the borrower to move their banking relationship to our bank
16) New Bridge Loan and Line of Credit program available (NO PPP)
17) Buildings with a low occupancy percentage or vacant allowed
18) Buildings with violations can be considered
19) EFC can go below a 1% DSCR with a strong borrower
20) 1% YSP and Broker fee paid at closing 

@Tyisha G.great experience....tons of resources and easy to follow. I'm a visual learner and I do better with hearing things explained so it worked well for me. The price, can't beat it and you can take your time and do it(12 months to complete the course). The sections are divided nicely and very detailed and simple explanation which makes it easy to grasp.

I worked on it on my laptop at home and on my smart phone on the go. Took me 3 months and that was with a F/T job, wife and kid at home.

Go for it and don't look back!! I'm here to help!

Go for it and don't look back!!  

@Tzvi Ausubel Welcome!

@Kris Haskins nice words...

@Mike Hanneman If you have a deal your thinking about.  Throw the hard numbers out and let's examine it.  My rationale is that a property(any property) should cash flow a minimum of $100 per door with no money in the property.  I.E.  purchase under value then refi and take all of your down payment out and with a higher mortgage amount the property should throw off $100 per door. (Infinite returns)

DSCR = Cash after all expenses aka NOI. Expenses such as; (utility(water/sewer), property management, property taxes, cap ex, vacancy, routine monthly maintenance, insurance, lawn care/snow removal) divided by principle and interest of loan.

DSCR = cash after expenses NOI

              ______________________            

                Principle+interest on loan.

DSCR is a indicator to lenders about how well your property can support repayment of your debt. Many lenders want a minimum of 1.2 meaning if your debt(principle+interest payment) is $100 per month your cash flow needs to be at least $120 per month for them to lend or refinance your property. the higher you are above 1.2 the more attractive the property is to lender. This is found more often in commercial lending.

@Frank Eimiller When one door closes another one opens.  Keep plugging away.  I have 4 properties under contract now so things are not looking too bad.  They just have to get through inspection/title.  That's been my biggest hurdle thus far.  The deals are there but the sellers are either over leveraged or have big ticket items that I'm not willing to Reno from so far away.  I will be killing it this year though.  I believe it.  

5 Properties!!!! Nice.  Just go through them each individually and make sure they make sense.  Sounds promising.  This will be your year too!!! Just speak it into existence my friend!

I'll be checking in on you from time to time.  Don't hesitate to reach out to me and if I have something I could share, it's all yours!!!

Hey @Frank Eimiller Just checking in with you.  how are things going?  Hope all is well man keep pushing!

Is this deal still available?