Flipper/Rehabber · Dallas, TX · Member since 2015 · 91 posts · 31 votes
am currently in a hard money loan on a SFH house that I am almost done rehabbing here in Dallas, TX. My payoff is gonna be around 85k. I anticipate the house will appraise for 170k. I'd like to do a cash out and do a wrap where I OF it to an end buyer. So I need a lender that won't call the note due when they see that owner name changed. I hv two challenges. One in income and the second is doing this without my Husband. any recommendations for strategy and mortgage or private lenders will be appreciated
Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
5y
@Shella Sanders reach out to @Andrew Postell. He is a fellow investor and lender that wont trigger "Due on sale" clauses. I have financed enough of my rentals with him to know first hand. He is great to work with too.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
5y
@Shella Sanders if the challenge for you is income then you will have a further challenge securing a wrap with this transaction. Without income usually you would get a commercial or portfolio style loan. Those loans will provide you a loan based on the rental income of the property. Usually needing a 12 month lease to show the rental income. However, if you are doing an owner wrap they won't be able to use the income you will receive from your note. You might be limited to only renting the property....which isn't so bad. Maybe there's some lender out there than can do what you need....but it would be extremely difficult to find (meaning, you will pay for it in a even higher interest rate). Lot's to consider but get prequalified with a lender right away to find out what you can do.