Being prepared can make the financing process much smoother. Clear property details, a realistic rehab budget, scope of work, timeline, and exit strategy all help tell the full story of a deal. For lenders and mortgage brokers: What's one thing you wish every investor had ready before applying?
When reviewing a DSCR deal, I like to have a few numbers figured out before getting into the loan structure: Market rent Property taxes and insurance Expected vacancy Management and maintenance Purchase price and loan amount Estimated monthly debt service DSCR after operating expenses I also like...
Recently divorced, took a job out of state, ex wife missed 8 payments on mortgage thats dropped my credit (she got the house from divorce) and I need to get back on my feet. How can I take equity from one of my rentals with under 600 score and the late payments on history
I've heard it numerous times: "I didn't mention that because I didn't think it mattered." "I was hoping it wouldn't come up." I always wonder what the plan was. Because it always comes up. If there's another loan... we'll find it. If there's a tax lien... we'll find it. If the bank statements don...
Is it legal to pay a referral fee when someone sends you a borrower for a non-QM/DSCR/HML loan? I am in search of an attorney who can help answer the age old question but I am constantly hitting a wall with lawyers that don't really work with non-QM loans. Who can I go to? What legal counsel woul...
Whether you're working with a bank, private lender, or hard money lender, every lender seems to have a slightly different approval process. From your experience, what factors make the biggest difference when reviewing a loan application? Is it the borrower's experience, credit profile, liquidity,...
Do you provide quotes over the phone or in writing via email? I personally prefer email quote since it gives us time to really look at the deal, underwrite and follow up with questions before committing to a rate/fee structure..
Hi there, I just founded a syndication firm (Tradewind Investments Group) with a buy box for small commercial properties (5-30) units. Coming from the large commercial space in my professional career 200+ units, I know that debt sizing and terms is not the same to what I am used to. I am open to ...
So I got a letter in the mail from my old mortgage servicer that they are no longer doing my mortgage. It's changing to a new one Aug 1. It's already Aug 5. The ACH withdrawal didn't go through. I gave the new servicer a call and they can't find the mortgage. The customer service rep said to wait...
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 ...