All Forum Posts by: Upen Patel

@Dan Aharon I can do DSCR. I also have a full doc loan with just 15% down that might work for you. Lets speak.

@Mya Toohey No lender, not even Non-QM lender, can interact with an appraiser and direct them to complete the appraisal a specific way. At the end of the day the Non-QM loans also do get aggregated to the same big money funds and then sold off into the secondary market, so they have to maintain the same standards.

Having said that, I have had success many time where the appraiser will complete the rent comp analysis using short term rental data. But this has mainly been in a heavy STR markets only. Think Smokey Mountains, Shenandoah Valley, etc. If the transaction is in a market with majority traditional transactions (OO or LTR), than you will have a very difficult time get the appraiser to complete the rent comp using STR data. The appraiser cares about their license and lively hood. They have to meet appraisal guidelines. I a market like Tampa/St Pete, I would always pre-approve based on LTR.

If the property is an existing STR and the seller will provide at least 12 months of history, than you have an entirely different transaction. Now you can do a full doc + 12 month "bank statement" income. This way even if the appraisal rental income is low, the DTI wouldn't be an issue. You can also employ the same process for refi. Hope this helps.

I have a 5% down 2nd home/Vacation home loan and 15% down investment loan that might add value to you and your clients. Would love to connect.

@Chris Seveney Thanks for the tag.

@Ryan Murray Happy to connect and see if I can be of help. As a banker I have access to by banks loans and portfolio money, as well as many other loan options suitable for investors.

@Brent Benoit Good plan but you will have a hard time finding 10% down conventional loan. While that is the guideline, given the turmoil in the mortgage space no real rate is available.

I do have a 5% down portfolio loan for 2nd home/Vacation home purchase. And I can also do the cash-out refi for you. Lets speak.

@Victoria Velazquez Would love to connect and understand your short term/long term plans. No two investors are the same and I take the time to understand your plans, and help plan financing solutions accordingly. I am more then just a lender, I am your personal mortgage consultant. I specialize in investors.

Lets speak.

@Scott M. Fletcher Freddie 5% down HomePossible loan is still available, but it very hard to make it work. The program has income limit based on the location of the property. Rental income from the other units counts into this.

He is buying owner occupied. Can't do a DSCR transaction. Those are only for investment.

@Ihor Onyshchenko Yes, you can use rental income to help you qualify. If the units are currently rented, then we would ask for the lease from the seller. If the unit(s) are vacant, then we will use the rental information provided on the appraisal.

@Cesar Garcia I have done ADU financing via construction loan and use the future value to meet the LTV requirements. Your current 1st and HELOC (if there is one) would be replaced with the construction loan. Once construction is done, then you will be refinanced into an end loan.

Reach out if you are interested in discussing.

@Michael Mastantuono Happy to connect. I specialize in investor financing and can do DSCR loans.