All Forum Posts by: Tarik Turner

What is the value of the property currently?

Your numbers are incomplete you would need to provide the ARV of the property to know what the structure will be for your deal.. even if hypothetical

Typically you will be looking at 80% to 85% of the purchase price and 100% of the rehab up to 75% of the ARV (This will differ based on the lender, experience level, and sometimes even credit)

What rate are you at on the private loan

A mixed use as well as anything over 4 units is considered commercial. Without income you would need a portfolio loan/NoQM mortgage however those typically do not allow owners to occupy the property (Unless your business is only going to occupy the commercial space)

Typical down payment is 25% 

What is the purchase price range that you are looking at

The simple answer to this question is Yes.

As long as you meet the credit criteria and and have the funds for the down payment most everything else will be based on the asset itself. no DTI will be calculated

If the property doesn't need any rehab you would look at a conventional loan or search for a portfolio lender. 

Trim the fat. Sell whatever possessions you own, that you don't need to ensure you have enough for the down payment on your next place and use this situation as a new launching point for whats to come. 

It can be structured as a blanket loan. In that case you would need about 25% of the total purchase price for the down payment. Would still be a standard 30 yr mortgage term

There are 30 year commercial loan options as well