Incredible Experience with MoFin Lending on BRRRR!

[Austin Layke]

I worked with MoFin Lending for the first time on both my first acquisition + renovation and then the refinance. I am very experienced and have worked with all the big name lenders. I don't usually post/comment or review, but felt compelled to because of how fantastic working with MoFin Lending was. They communicate well, their team is all very informed on the deal, there was no repeated requests, no back and forth, answered called and emails right away. I am so happy I found them. They were honest, reliable, and transparent. MoFin is a rare commodity in the investment lending world. 

I waited until I was done with both to comment and review here...I wanted to make sure they delivered and they did...It was one of the best experiences I have had. The deal was a little tricky. And it's not the prettiest property BUT it was valued at $1,200,000 by the appraiser MoFin used, which was higher than I was thinking (I was targeting $1,050,000 based on comps and the appraisal from the bridge renovation loan was $1,000,000). 

I initially worked with another lender before finding MoFin on the forums here. I worked with a lender I found on here that said they're one of the biggest in LA and California. But the communication was so painful as we got started. It would be days of no contact. And eventually they said their valuation was too low for 10% down, and I needed to put 16.5% (?) down. I wasn't told why/how...I was ok with more down. But I just didn't understand why, no one cared to explain. So I looked for another lender. 

I connected initially with George (their co-founder) because I saw his posts here. But then he had me connect with his head of sales Michael Cid. Michael and George both explained the process in detail, sent me breakdowns via email, then they sent me another breakdown in a PDF. It was all laid out. And they delivered as promised. It was refreshing. 

When I bought the property with MoFin, I only put 10% down, like I was hoping. They lend up to 90% of purchase price and 100% of renovation, as long as we don't exceed 75% ARV. I was good with the other appraiser's numbers. Ecstatic with the refinance appraisal!

I was able to use the extra equity to get a lower rate. And MoFin locked me from the start, so I was very happy with the outcome. 

The numbers:

$1,200,000 value
$6600 rent (market rent frmo the appraisla, I am hoping I will get $6800)
About $10,000 for taxes nd $2,500 for insurance. 
I like maximizing my cash-flow so I took a 2 year prepayment penalty on a 10 year IO and after the loan payment I should be paying cash-flowing about $1900 a month. 

She's not beautiful, but she cash-flows, and in this market I will take it.