All Forum Posts by: Wesley Weber

Had some success with finding 3 banks that go to 89.9% (banking regs prohibit full 90%??) LTV. Try PNC, Suncoast Credit Union and First Citizens Bank. Keep in mind, I am in SWFL so you may have other options for CU's in your area. We went with First Citizens - great experience, great loan. We had a first mortgage of $280K with $400K value. They did $79.5K HELOC. The appraisal is everything, so "help" your appraiser to make sure you get the value.

What kind of debt ratio do they allow?

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Originally posted by @Roman M.:

Check their website as their program changes all the time. I believe TD Bank does up to 90%

Thanks I checked tdbank and it looks like their max cltv is 80

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Originally posted by @Roman M.:

I know BB&T and TD Bank will allow it but you will have to proof that you live in the house. So homestead exemption filing, utility bill and driver's license with the current address will be an acceptable proof.

What LTV do they go to?

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I've been house hacking the last 4 years, buying, rehab and selling my personal residences. Im finally in a house I want to stay in fora few years and also have some cash reserves formy flips.

My question is this:

I purchased this home in December for 289k with an appraised value of 320. Now with updated apprasial came in at 376k.

Will lenders do a HELOC on a home ive only owned for a month? Will they let me use the new appraised value for LTV? Id like to go 90% LTV. Any recommendations on who to talk to here in Florida who may offer something like what im looking for?

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Disclosures sent.

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Adrian - sent you disclosure.

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Richard - Sending you disclosure and then will send the properties.

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Basic info below - all are 3/2 with AC/Roof 5 years or less old. If you are interested please reply here or send me a msg!!

Under Lease - $875 / month
Sqft 1200
Sale Price 82K
Rehab 5k

ARV - $121,000

Under Lease $875 / month
Sqft 1100
Sale Price 80K
Rehab 5k

ARV 118,000

Under Lease $1150 / month
sqft 1480
Sale price 93k
Rehab 10k

ARV 160

Vacant
999 sqft
Sale Price 76k
Rehab 10-15k
ARV 120

Under Lease $1250 / month
sqft 1128
Sale Price 95K
ARV 125k
Rehab - 0-5k

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Originally posted by @Melissa McGuire:

My name is Melissa and I'm with Vanderbilt Commercial Lending. Our president has over 30 years in high end investing. We are a small but mighty lender who prides itself on one on one service. I believe we could help fund any offering you have now or in the future. Could you email me at the address below so that we may talk. I'm looking forward to hearing from you.'

Sincerely

Melissa McGuire

[email protected]

Thanks Melissa, I will be in touch!

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All Forum Posts by: Wesley Weber

Wesley Weber has started 21 posts and replied 49 times.

Post: HELOC in Florida question??

Post: Florida - HELOC Lenders

Post: HELOC in Florida question??

Post: HELOC in Florida question??

Post: HELOC in Florida question??

Post: 5 off market properties in Tampa - 4 are cash cow rentals!!!

Post: 5 off market properties in Tampa - 4 are cash cow rentals!!!

Post: 5 off market properties in Tampa - 4 are cash cow rentals!!!

Post: 5 off market properties in Tampa - 4 are cash cow rentals!!!

Post: Looking for refinancing for fix and hold rentals