All Forum Posts by: Darryl Dahlen

Some residential LOs I know say New Penn Financial is a good lender for investors who have multiple mortgages.

http://www.newpennfinancial.com/

To be honest, I don't think you're going to find what you're looking for at an insurance company. Reason being, this request is not only outside the realm of what I consider to be their appetite for loans at the present time.

If it were me, I'd readjust my expectations regarding the terms you are seeking and then take the first lender who made me an offer that was in the ballpark.

It's going to be a challenge to find a conventional lender who will offer a cash-out loan of 3MM on a single-use property. Have you had genuine interest from any banks?

I suppose you could explore a line of credit against the property as those tend to have good rates, but not so much on the amortization

Personally, I think you're looking for some very aggressive terms given the nature of the property, nature of the loan, size of the loan, and length of the lease that's in play.

For those of you who own a lot of properties and are having trouble finding a residential lender who can help with ongoing financing you may want to look into New Penn Financial.

I know some residential LOs who use NPF for clients who are investors and still need financing and say they're good to work with.

That said, I am not affiliated with NPF nor have I ever used them.

http://www.newpennfinancial.com/buying-a-home/real-estate-investors

Smaller CRE deals are almost always full-recourse, and as such, you are on the hook for the loan. As others have explained, your credit/income/assets matter to the bank since they want to know you can cover the expenses in the event something goes badly.

That, and they also want to know that you're not living hand to mouth and could jeopardize the property with your "mistakes".

Everyone has gotten the DSCR spot on. Other than that, here is a general list of what banks look at when evaluating a multifamily property:

-historical occupancy (typically a 3 month look-back)
-LTV (70-75%)
-deferred maintenance issues
-management company
-class of the property(A,B, C, or D)
-unit mix
-location
-financials (profit and loss and tax returns)
-number of parking spots (this is a small issue, but can sometimes be an issue on smaller properties)

As David stated, aside from a few national banks who have small balance CRE programs you are often relegated to working with a small to mid-sized bank or credit union on loans of this size. This isn't necessarily a bad thing either.

Back when I did residential loans I had a client use his gold coins as reserves. He had to get them appraised in order for the bank to accept them, and even then, they only took a percentage of the value, but I don't remember what that number was.

If this involved a large sum of money, such as rent, I'd agree with you since it would almost be a waste of time to try and collect. Given we're talking about 100 bucks and 3 a/c units, and the fact the ex-tenant will meet with him, there's no real wasted time trying collecting his money/belongings or calling the cops and having them step in if the tenant balks.

Sometimes it doesn't pay to make a statement, but sometimes it does.

If he doesn't agree to pay you when you meet and take you back to where the AC units are on the spot I'd pick up the phone and call the cops as soon as he finished his sentence.

Here's your answer:

Facebook had $1 billion in net income on $3.71 billion in 2011, according to its filing to raise $5 billion in an initial public offering. The company’s revenues grew 87 percent year-over-year from the 2010, which in turn more than doubled from the year before.

Here's the source: http://www.insidefacebook.com/2012/02/01/facebooks-net-income-and-revenues-1-billion-on-3-71-billion-in-2011/

I'm thinking that at least for the short term there can be some money to be made on this stock.

Agreed. Also, most lenders will allow for a seller second which can help. However, you will still need to inject capital into the purchase as all the lenders I know typically cap seller seconds to 10% or less.