Three Cashflowing Condos Looking for Delayed Financing
Hi Biggerpockets family,
Happy New Year everyone and wish you all have a healthy and prosperous 2019!
I am wondering if anybody can recommend lenders who would do delayed financing on three cash-flowing rental properties and preferably in a blanket loan fashion. I am an investor from NYC and I paid cash for three condos in Houston in Nov. and Dec 2018. I would like to pull the cash out for further investments.
TRhe properties were purchased within the past two months therefore I can only leverage delayed financing exception instead of meeting the 6-12 month "seasoning" requirement.
In terms of underwriting requirements, I have a DTI ratio of <30 and 750 credit score. I have sufficient cash reserves for up to 6 months if none of the properties cashflows. I also have around 500K in my Solo 401K in case of any unexpected. Here are a quick reference on the properties:
- Property 1. $78,500 purchase price. Currently cash-flowing with $5,300/yr. NOI
- Property 2. $67,000 purchase price. Currently in temporary seller lease back period and expecting $4,400/ye. NOI once seller moves out.
- Property 3. $127,000 purchase price. Currently cashflowing with $7,700/yr. NOI
I am looking for 15 or 30 year fix rate or competitive ARM rate amortized over 30 yr. I would also like to pitch the idea of buying notes with my soloK from the same lender to help with recapitalization needs for better rate and term.
Please feel free to reach out if there is any questions, comments or suggestions.
Best,
River