All Forum Posts by: Ellie Narie

No cash out necessary (just need enough to cover closing costs). I'm looking up rates on random websites like bankrate, and seeing Sage Mortgage have some pretty good rates. However, they show rates for SFRs mostly. What are the rates right now for conventional mortgages on investment property? I have 25% equity and need to refinance a 4-plex out of FHA so I can get another FHA.

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Quote from @Sergey A. Petrov:

You’ll have a hard time finding a lender willing to do that in today’s environment. Plus if you artificially increase the purchase price it won’t appraise and you are back to square one

The property has been listed for that much, but it went down in price. If I can get a high appraisal, would lenders allow such a deal?

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Let's say the property sale price is 290k. Can we increase the price to 385k, and have the seller gift the 25% down payment? Or possibly loan it? For a regular fannie mae investment property loan on a 2-4 unit.

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Quote from @James Jeter:

Hi Ellie,

Is it a 7(a) loan? Small Business Administration (SBA) loans are subject to SBA maximums. They can be found below. All the information about SBA loans can be found HERE

I would definitely read what your loan documents state. They should tell you what the CAP is for the loan.

Also, the link I posted states the following about variable interest rates

"Variable rate loans may be pegged to the lowest prime rate, the LIBOR Rate, or the SBA optional peg rate. The optional peg rate is a weighted average of rates the federal government pays for loans with maturities similar to the average SBA loan. It is calculated quarterly and published in the Federal Register. The lender and the borrower negotiate the amount of the spread, which will be added to the base rate. An adjustment period is selected which will identify the frequency at which the note rate will change. It must not be more often than monthly and it must be consistent (e.g., monthly, quarterly, semiannually, annually, or any other defined period). The maximum rate for SBA Express and Export Express loans is Prime + 6.5 for loans of $50,000 or less. For loans of over $50,000, it is Prime + 4.5."

Yes, it is the 7a. They said it's prime plus 2.75, adjusted quarterly. But if prime shoots up to 10%+, wouldn't that mean that my payment goes up as well?

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How scary is it to have an adjustable rate? Could it shoot up to 15% interest like back in the past? I'm getting a 100% financed sba loan for an office building, and their rate is adjustable. There are hefty early pay off penalties (several percent within the first few years), plus the building doesn't have 25% equity naturally, so it's not like I could refinance anyway.

Should I be prepared for possible 10%+ interest rates?

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Has anyone done this strategy? I want to get investment properties with a low downpayment, but can't occupy them. If I put 25% down, then withdraw up to 90ltv as a heloc, I keep more cash to myself.

What hurdles will I run into? Can you get a heloc shortly after closing and use the same appraisal?

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Quote from @Scott E.:

"I need ways to hide an FHA property from a possible personal lien."

Lol. I cannot believe that people not only have the nerve to consider something like this, but then they go so far as to post their intentions on the internet for the world to see. Thanks for the laugh.

It's a long story that I don't feel like explaining. I was just figuring out the legalities of quit claiming it.

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Or would the loan be called due? What if you quit-claim it to the co-owner and remove your own name off the deed?

I need ways to hide an FHA property from a possible personal lien. I guess refinance could be an option, but that takes a long time and I want something faster.

Assuming the 1 year of owner occupancy has already passed.

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I'm curious if this company is legit. They offer SBA financing for 100% (secured by business property), but they want an upfront wire of several thousand. They have their nmls numbers and everything. My real estate agent says they sound legit and their letter of commitment looks official.

Should I be worried that they're asking for an upfront wire? Is this common in commercial/sba lending?

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Quote from @Greg Scott:

What would cause an LLC to "die"? They are either active, poorly managed and become inactive, or they are purposely discontinued.

Such as if it's a single owner LLC, and the owner dies. Or if it goes out of business.

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All Forum Posts by: Ellie Narie

Ellie Narie has started 94 posts and replied 200 times.

Post: What are the best rates to refinance a 4-plex right now?

Post: Can a seller "fund" your downpayment for an investment property?

Post: Can a seller "fund" your downpayment for an investment property?

Post: Is adjustable rate scary? Changes quarterly based on prime...

Post: Is adjustable rate scary? Changes quarterly based on prime...

Post: Investing 25%, then withdrawing 90 LTV as a heloc?

Post: Can you quit-claim an FHA property into an LLC?

Post: Can you quit-claim an FHA property into an LLC?

Post: Is loanbud legit? Commercial SBA lender asking for wire.

Post: Can an LLC co-own property with "rights of survivorship"?