Looking to connect with a lender for a DSCR in Buffalo, NY

[Michael Uvaydov]

Greetings all,   

I am in the process of purchasing 4 properties (2 duplex, 2 single) in Buffalo via an LLC as an investment, I have been working with a broker. Unfortunately, I feel that the lender they connected me with for the blanket loan isn't the right fit and is taking advantage. The purchase is for $400K, Appraisals, etc have been completed and they all appraised well. The properties cash flow even accounting for PITI. FICO is excellent. I don't want to cut out my broker who is asking for a 2% fee, they aren't bad just not right for this market and would rather not create bad blood.

Ideally we would put 20% down and we want a loan term of 30 years.

We would like to close by 6/4 if not sooner.   

I welcome your input and recommendations.   

Thank you.

[Michael Uvaydov]

Hi Brandon,  the lender has not been upfront with their fees and processes.  They locked in an interest rate without any input from me despite my asking about it before hand. Then they sent me a loan commitment to sign with a deadline to close in 9 days knowing that we were still waiting on surveys and title reports from seller and could not close in that time frame. And when I pointed this out they  say regardless of the situation and whether or not I execute the document sent they will charge me "redrafting fees". One of their justifications is that the rates would go up since the lock they set will expire soon.   The whole experience has soured me on them. I would rather finish this deal with someone else and forge a new relationship that will continue onto the next deal.