All Forum Posts by: Upen Patel

@Chris Seveney Thanks for the tag.

@Syman Scarpellino Hard money loan is like any other loan when it comes to refi. What matters is the type of loan you are going to refi into and the requirements for that loan.

@Paul Winka Let the originator know for sure. They might not be able to move you loan as the servicer now controls it, but they can step in on your behalf. The servicer doesn't want to lose the relationship with the originator.

File a complaint with CFPB. That will get the Feds on the servicers *** and get them to move. They have to provide updates to CFPB (sorry will not cut it) and if CFPB finds negligence, then might start an investigation and possibly fine them.

Hope this helps.

 That would make it a commercial loan.

I put the loans into Agency (Fannie/Freddie, VA, FHA, USDA and Jumbo). And of course Non-Agency/Non-QM. Both these types of loans can be geared towards investors. e.g. While a multifamily purchase using VA or FHA is an owner occupied loan, it is also an investment loan. So its not so much about a loan product for investors, its about what is the long term game plan, and which loan product positions the investor for the loan game. Too often folks are focused on the short term gain and doing loans that will cost them more in the long term. During the last 2 yrs of refi, I restructured many many REI portfolios as the previous lenders had not given it any thought.

Hope this helps.

@Milton Durstine Are these on individual parcels/tax ID? This would determine the type of loan you can use.

Does each property have its individual loan? Or is it a single loan that collateralizes all the properties? This would determine if it is classified as a rate and term refi or a cash-out refi (even if you are not getting any cash in hand).

Since you have owned the property for more then 6 months you certainly should be able to do a refi. The 2 yr seasoning requirement is that lenders internal overlay.

Hope this helps.

@Alexei Semenov Why are you trying to cash-out refi? You mentioned you bought at LTR? Did you buy it with a loan? What rate do you have on the loan?

You can certainly do a cash-out refi on a STR. But just because you can do it, doesn't mean you should. It comes down to what are you trying to accomplish, what is your current scenario and what will it be after the refi, and are they other options to get to your goal.

Hope this helps.

@Paul Jones Its likely that there is some lender out there doing a 90% LTV cash-out, though I wouldn't put my money on it. Been in the business for a while and done all types of loans. Haven't come across a 90% LTV cash-out refi on an investment property. To make things worst for your chances, markets are getting tighter. 2 huge Non-QM lenders went under in the last 2 weeks.

As the saying goes, "if it's too good to be true it usually is".

@Codey Yingling The answer is generally correct. Owner occupied construction loans are for stand along single family properties. Construction loans are portfolio loans on the banks book, so the bank is taking a significant amount of risk.

That doesn't mean that it can't be done. You would have to creatively structure the loan to reduce the risk and then some banks might be willing to take it one.

At the end of the day, banks want to do a loan (that's how they make money), just not be stuck with it.

Hey! @Julie Coleman Do you have the cash to pay him off? Is he planning to buy another property and wants this debt be removed from his credit?

If you have the cash and he doesn't need this to be removed from this credit, you can execute a Quit Claim Deed removing him from title. You pay him the the cash. The loan stays as is. Don't record the QCD and you will be fine. When the rates come down a bit, you can refi. I have seen many divorce agreements giving both parties significant amount of time (1-2 yrs) to buy out or sell. Not an ideal solution, but a solution never the less.

@Dino Ca I have had this scenario many times with clients and the answer is different for each scenario. Fannie/Freddie have some crazy guidelines, which cause loans to trip up (e.g. You can't have your PR address as a foreign address, your foreign income has to be reported on your US tax returns, majority of your asset statements have to be to the US address (again going back to your PR), etc.).

For your specific scenario I think the answer is NO.

Yes, your wife can get a mortgage as a foreign national. She wouldn't have to source her income. Just form a US LLC to hold the property, move funds to the US for the down payment/closing cost. And the loan would be a DSCR loan underwritten based on the cashflow of the property.

Hope this helps to get going.