Never send money in advance for their fee's  NEVER. thats a huge red flag that they are just out for fees and are fake lenders.2. bad or not really good written english .. on the phone they sound like they are off shore ( which they are ).3. rates  lower than market most of the fake lenders will advertise 5% rate that does not exist.4. insisting you pay for mortgage insurance  there is NO mortgage insurance on PML HML loans does not exist.While NMLS registered and state licensed is a good way to vet a lender keep in mind only 12 states require it.

There are also conventional loans that may be more suitable for you.

Depending on the loan amount you need, the length of time you need the funds for, the scope of work, and your personal qualifying factors - you could utilize a short term bridge/rehab loan to do the renovations or you could take out a HELOC!

For us, our current investment strategy we take advantage of, is primary home loans by moving out and renting the previous one and purchasing one additional property every year. you're able to buy a single family home or a multifamily up to 4 units every single year.

Low purchase price and owner-occupied loan to keep down payment and carrying costs low to fund the construction costs.

Take a loan out , If you do a partnership but want some money now, have them pay you some up front.  

I want to sell a rental property and use a 1031 to get a construction loan to build on this plot.

If you are getting a loan for any part of the purchase, typically if it is owner occupied you will get more favorable rates.

I would be happy to answer any loan related questions for you as well, so feel free to call or email me anytime. 

Hi,Looking for some help with the ins and outs of DSCR loans.