All Forum Posts by: Tarik Turner

A portfolio lender would be the alternative to a conventional loan on a rental property, not a HML

A lender will need to do their due diligence on a refi just as if it were a purchase. So they will need to order an appraisal, order title and review all property financials, If it is a full doc personal financials will also come into play

Most banks will allow you to refi based on the purchase price and documented repairs immediately after construction is complete. For a refi based on the new appraised value you would either have to wait out some form of seasoning period or go the Non QM loan route in which you can find a few lenders with as little as 30 day seasoning period requirement 

Will the property be owner occupied or an investment property? That also makes a big difference in regards to options

Is it an investment property or owner occupied? 

Keep searching. If you are looking at conventional loans there are some with only 6 month seasoning requirements, If you are in need of a refi sooner there are portfolio lenders with shorter refi periods but higher rates.. (All based on the appraised value)

6.75% with 0 seasoning on a long term loan, sounds about right

Use portfolio lenders they do not calculate DTI when evaluating loans

Portfolio lenders are asset based lenders. The loan is based more on the property than the individual borrower. (Credit and background checks still apply). The rates are higher on portfolio loans but the process is simpler and closing time is usually quicker 

You can find some who do but they will require access to the property for a full appraisal. It can get a bit tricky when it comes to auctions however