All Forum Posts by: Tarik Turner

Rate and Terms will vary of course, however we need to know what type of deal you are looking at

(Fix and flip loans are much different than rental loans)

You can cross collateralize houses depending on the lender however, the ones that I know who offer that service are nowhere near 80% LTV on the additional collateral properties- Also if the properties appraise for under 100k that will further limit the number of lenders willing to take a look at this type of deal

Get your lender in place first and have a firm understanding of their criteria when searching for a property.

make sure the area, loan amount and total costs to ARV is all in alignment with what your lender will qualify you for

Depending on credit and loan size you should be able to get a loan from a commercial lender that's sub 7% on 30 year terms

Yes unfortunately that is not going to fly. You can have the seller hold a note for a % of the purchase price, 
that is the best way to structure it.
Another creative way to get it done is to cross collateralize your properties (If you have other properties with enough equity in them, that might be a possibility)

There are 30 year fixed terms for commercial properties, but rates typically start in the mid to high 5% range and can go into the 8% range. You may find something a little cheaper or a little more expensive but that's the ballpark 

That is a broker ensuring that if you continue to use the same lender after you close they still get paid. It is something most brokers will make you sign however the terms can differ. 5 years seems a bit long but not totally abnormal 

Use an asset based lender for your refi if you don't have the w2 income to show.

There are a ton of lenders out there that offers this product. What questions do you have about the process?

70% to 75% is standard- but depends on the lender and loan product