All Forum Posts by: Tarik Turner

Most lenders will still require seasoning, however there are non QM loan products with very short seasoning periods

Talk to your lender or loan broker first to figure out what you would qualify for and what loan products are available

There already seems to be some confusion on your part. Portfolio lenders typically lend on properties that are turnkey. If you are looking at starting with fix and flips you would look into Hard Money loans which provide you with a % of the funds needed to purchase and rehab the property

I would plan to have at least 25% of your total costs on hand although this will differ based on your lender

if your credit is over 650 you should be able to find a dance partner for your refi. Their are portfolio lenders available. I would check with them prior to purchasing the property

What area are the properties in and approximately how much are they worth

It depends on the lender most conventional lenders want you to wait 12 months, some lenders have a 6 month seasoning period and there are a few who allow you to refi sooner at a higher rate

Most lenders did shy away from any type of long term commercial loans due to COVID things are starting to shift back around slowly however

The broker is charging you 2.5% and the lender is charging the commitment fee.. typically brokers charge between 1-3 points on a loan (really depends on the loan size) but the bigger concern is the commitment fee. Make sure that the lender is legit there are some lenders who are quick to charge a commitment fee but also quick to walk away from the deal.. what type of project is it?

Not really sure of your question here. Each transaction is different. For instance if you deal with a direct lender then there would be no brokers fee. No all lenders charge a commitment fee however some lenders may charge a small app or processing fee. so it really all depends on your specific lender and deal

you probably want to look up portfolio lenders and their requirements

In short order I would make sure all entitlements from the city are in place prior to seeking funding. You will also need your site plans and construction budget together in order to submit to the lender