Lender · Los Angeles, CA · Member since 2017 · 916 posts · 647 votes
I have learned so much on these forums when I started in Real Estate and always appreciated when folks here would help me learn. So in this uncertain market, Im sure there are folks here with questions about financing for a property. I have done this a few time in the past but I am opening the door to anyone who wants to know more about the loan process, the loan market and anything financing related.
Lender · Los Angeles, CA · Member since 2017 · 916 posts · 647 votes
4y
@Laura Sima I'll respond to your question with a questions; what is your goal with your multi family property? If you are looking to do a renovation and add value, ask questions pertaining to fix and flip loans (interest rate, points charged, length of loan, pre payment penalties) If you are looking for stabilized loans, ask about experience requirements, DSCR limits (if non qum), down payment, fixed rate periods, amortization length and loan term).
You shouldnt have to fill out 10 applications to get these answers, speak to a mortgage broker who can provide the rundown of each program but focus on what your goals are first before you make those calls. Did that answer your question?
Lender · Los Angeles, CA · Member since 2017 · 916 posts · 647 votes
4y
@Eliott Elias as a broker, that does not make sense. Why a lender would hold out until the day of closing to reduce the amount that much is insane. The reasons my client's loan numbers are affected are one of a few things, Low FICO (we know this at submission), low appraisal or market rents (we know this well before closing), or if the loan rate is floating, a rate change. but to reduce the amount by 2/3rds, I havent seen that in my time as a broker.
I DM'd you, at least I can help or guide you in the right direction.