All Forum Posts by: Tarik Turner

As you mentioned non QM commercial loans are typically easier to qualify for where as conventional loans are more stringent yet less expensive. 

Look at asset based lenders who who do not look at personal income to qualify you for a mortgage 

There are 30 year fixed terms available for 5+ unit properties but the rate would be higher than a 20 yr term or any 5yr ARM

Yes we you are looking at short term rehab loans a construction budget needs to be submitted along with the application or at least prior to the appraisal. The loan will be based on a percentage of the purchase and rehab funds needed (Typically 80%-90%). The final loan amount number shouldn't exceed 75% of the ARV of the property

The 10 mortgage rule only applies to conventional mortgages. There is no real limit to non QM loans. 

There are a ton of commercial lenders who do not calculate DTI or look at personal income when evaluating commercial loans. Being a new LLC also should not affect the loan process much.

 We use to offer this product but have suspended it since the beginning of the pandemic. Contact @Stephanie P. she may be able to help you on this one.

Another option would probably be some combination of a non QM mortgage and a sellers second.

You might be able to get up to 90% LTV that way

You should try speaking with a few lenders and brokers about funding first, besides an LOI or POF from a lender should only help with your offer

Best of luck to you and your partner on this new journey!