All Forum Posts by: Tarik Turner

Some Asset based commercial lenders will lend to first time investors you would still have to get approved from a credit stand point however.

I agree with @Stephanie P. that answer will differ based on the lender. In some cases i've even seen a loan approved with only the first payment made after the forbearance period ended

@Aaron Zeelig there are also asset based loans that do not have DTI or income requirements

These loans can be used for 1-4 or commercial properties

100% you can, Asset based lending is the way to go. Most of those loan products are stated income so there is no income verification 70% to 80% LTV is the standard for new purchases- (You did not mention credit but there will be credit score min requirements for these type of products)

I am assuming you are using the 40k for a down payment. Most Hard money lenders are going to want 1st lien position and even if everything breaks right and a lender will take second position, a 40k loan amount is so small it eliminates a ton of options- An Asset based Lender at 75% to 80% LTV is your best option if you can not get conventional funding

Yikes @ 20%

The loan amount is the key here. Smaller loans will almost always require a personal guarantee

yes there are lenders that will lend 80% of the purchase price but 75% is more common especially when dealing with 5+ units. Also there are loan products available for first time investors looking at commercial deals. As long as the numbers work out and you have a decent credit score you should be able to find a lender

Yes you can refinance a fully paid off investment property, the money isn't taxable because it isn't income, it's debt.

Non traditional lenders will not lend on your primary residence