All Forum Posts by: Stephen Herbert

Depending on your credit profile and patience, going with a bank may not be the best option for you. My company funds these rental refinances for clients in several states, and while we're not bank financing, we do provide competitive rates in the 5-6% range with super-simple underwriting guidelines. 

So long as you meet our minimum qualifications (650+ FICO, no BK or FC in the past 5 years, or felony convictions) the remaining metrics are all property-based. We assess value and lend against the PDTI and LTV - asset based rental lending.

Feel free to get in touch with me at Stephen at fullforcefunding.com and we can discuss your next project.

Hi Justin - the big boys like that won't touch a TIC loan, unfortunately. It's a pretty nuanced product, and I've been in touch with all of the local players and even then it's a tough market for this product.

The banks have not rejected the loan - we're looking for something that is alternative financing, i.e. not bank financing. The banks have stellar terms, but the full underwrite is imposing. We're hoping to find another source, if it's out there. 

A non-full doc underwrite is what we're in need of.

Hi all - 

I have a client that is growing aggressively in the TIC space and is no longer interested in working with their banking relationship and is looking for something more aligned with the HML space. I've not been able to find a lender that is willing to lend on a TIC property - has anyone had luck with this before?

• Triplex in SF
• Borrowers sold 2 of the units and want to refi the 3rd into a long term hold
• 75% AIV LTV, 5-10 year option

If you could point me in the right direction, that would be appreciated!

Hi all - I have a client that is looking for a loan on a property that they own under a TIC agreement. The borrower in this case bought the property, rehabbed it, and sold 2 units and would like to refinance the 3rd, which they own. I've had a helluva time finding lenders that are accepting of the TIC agreement - any ideas on where to look?

Thank you @Parker Borofsky, very helpful. I will message you directly.

Hi BP friends - 

I'm working with a client that is looking to purchase several rental investment cabins in Seiverville, TN at the foot of the Smokey Mountains. The properties average around a $160,000 purchase price and have strong potential bookings for AirBnB and VRBO, but the financing component is a bit tricky given these are rural properties. 

Has anyone has luck financing properties for rentals in this area, or other rural lenders they can refer me over to?

Hi @Rich McElaney - our realtor is an active flipper himself and has worked with this staging company before. I spoke with 3-4, and the fact this company really brought passion and enjoyed their work was obvious in our phone call in their tone of voice, level of detail and the owner's personality. It was a fit, whereas the other stagers did not seem to have that same factor.

Realtors work with stagers all the time, so it would be worth asking yours who they recommend for the project.

Hi Yehoshua - 

Thank you for the kind words. We staged the property and used Design to Market, LLC - Jo Potvin (www.designtomarket.com). She was a complete joy to work with, and the cost was reasonable. I recommend her and her agency. We are also using Scott McEwen as our listing agent, (he is an active investor locally as well) and he has also been a great partner in the process.