July was an incredible month, and we have so much to be grateful for! We had the privilege of serving 18 families, including 7 first-time homebuyers, and helping 4 families find a path forward when they had previously been told no by other lenders. None of these wins happen without the trust of o...
Hey BP Community! 👋 I see a lot of investors in the forums asking how to pull cash out of a stabilized rental without running into the strict debt-to-income (DTI) walls of conventional underwriting. I wanted to break down a recent DSCR (Debt Service Coverage Ratio) refinance scenario we worked th...
Hello, I am looking for a lender that can provide conventional financing at 5% down for a multi-family property that contains a 3-unit house and a detached house on the same property near the city of Cleveland. Please advise, thanks.
Hi I am 22 and still live at home with my parents in the Portland, Oregon area. I want to get into real estate investing and am saving for the down payment for my first house in a year from now. Possibly a house hack with multi family or single family. Not sure yet. I don't believe I have any cre...
I'm looking for advice on the best financing structure for my project. I own a property at 1390 Kimball Avenue, Memphis, Tennessee, free and clear. The property consists of: Main house: 1,204 sq. ft. with fire damage requiring a full renovation. Guest house: 528 sq. ft. located behind the main ho...
Commercial, non owner occupied residential and business purpose real estate mortgage loans are handled under state authority and jurisdiction. Here’s the latest information 37 states do NOT require licensure of any kind for brokering commercial mortgage or residential investment mortgage loans 5 ...
this is what i have never understood, i have more than enough money to buy a propety for cash. so i am convinced to "use other peoples money" or to get a loan to leverage your money. I sorta get that. What I dont understand is why lenders ask and require so much information in order to get a loan...
Hello! I own a few properties, including a mixed-use, and am interested in a potential purchase of another mixed-use in Upstate NY. Property generates some income via an STR and a commercial space, looking to put my small biz in part of the commercial space, and part of it you can live in. Space ...
Investment property is in Wisconsin with equity around 300K. Self employed with more than 2 yrs of LLC history. Taxable income is low due to lot of tax deductions. I don't think I would qualify for conventional HELOC due to high DTI. any suggestions on how to take out the equity to buy another in...
Before you trust anyone with your deal, your documents, your credit, and your personal information... ask hard questions. Not every “broker” is a real financing professional. Some are just pretending. Ask them: How long have you been in the financing business? Are you a registered U.S. company? A...
Hi i'm starting off in the Hard Money Lending space and im trying to make some connections with brokers and clients whats the best way to go about this Thank you
I bought a triplex in a great neighborhood in the northern part of Chicago suburb. The owner of the property i bought it from never updated the units. So they were quite outdated. I bought the building and moved into one unit and did a total gut rehab. I used my own funds for the rehab. The unit ...
Hello, I have a double wide Manufactured home that is currently rented long term. The original loan is a seller financed loan and has a HELOC on the property. Im looking to cash out refi to buy out seller financed loan and wrap HELOC all into one. Anyone have any banks or lenders that work things...
Is an appraisal or in person inspection required? I've got an investment property that needs some repairs, it would have been nice to use a cash out refi to pay for them but they're just a bit too extensive to qualify for a DSCR. Trying to avoid the high cost of a bridge/rehab loan and then closi...
Question for lenders and GCs who deal with construction draws regularly: On your last draw — how many days from submission to money hitting the account? And what held it up? Lien waivers, inspection scheduling, wrong forms, something else? I'm doing my own project and trying to figure out what's ...
It's been about s couple of years since I paid for any mortgage leads. I am curious to know if any originators are finding success with being featured on BiggerPockets?
Any advice for getting a mortgage lender for a 20% deposit on a purchase + renovation for a Philadelphia townhouse. I asked my Broker and he said he does not know any lenders that can do this. I understand that the Fannie Mae HomePath mortgage works for this, right? How do I get one of those?
Im looking to buy a 10 acre property with a newer manufactured home on it. Im planning on adding ADUs and renting them out. The homes value is estimated 400-450k. I have been employed for a year and make around 100k a year from my job. I also have a rental property that generates 2600 a month (gr...
Lenders, brokers, and other professionals collecting sensitive data - how are you accomplishing client data collection and sharing in a secure way? I've searched BP and most posts about this issue are a few years old at least, so I'm hoping to get some insight from others who do this regularly. P...
Anyone know of groups that syndicate for commercial properties? More specifically, retail properties.
I've been on the lending side of a lot of bridge transactions and one thing I see kill deals repeatedly is borrowers (and brokers) not knowing what to actually vet when they need fast capital. Here's what I'd look for in a bridge lender when timing is critical: 1. Do they have discretionary capit...
A deal had been sitting still for a couple of days. Everyone had sent the emails they were supposed to send. The updates were in the system. The checklist looked fine. But nothing was moving. Finally, someone picked up the phone. Five minutes later, the problem was solved. There wasn't a new docu...
One thing I think newer investors should pay attention to when comparing hard money lenders isn't just the interest rate—it's how interest is calculated. Let's use a simple example: Purchase: $500,000 Rehab Budget: $200,000 Total Loan: $700,000 Some lenders begin charging interest on the entire $...
I am a new licensed Mortgage Lender Officer in Washington and Oregon. I have had been investing in real estate since 2020 with House Hacks, BURRS, and traditional buy and hold investing. I love the mortgage side of real estate and wanted to get further into it so I got my MLO license. How can I b...