All Forum Posts by: Tarik Turner

I have seen this a few times. Often what will need to happen is you would need some form of plans approved by the city to convert the units to a residential prior to applying for financing on a typical fix and flip loan... You can also check the city tax records to see what it is officially listed as currently 

Since there is no personal income to report it seems as if you are using a portfolio lender offering a stated income loan. That rate isnt bad considering the conditions. If you think your situation changes in a few years you may not need the 30 year fixed option but around 6% is standard (based on credit)

Keeping the conventional loans would be your best bet however their are lenders that offer 30 year fixed terms for investment properties. I can almost guarantee that your rate will be over what you have been quoted on your 20 year loan however so it is a trade off 

That is such an open ended question. is it a loan for your primary or an investment property?

What qualifications caused you the issue? in short there are HML who will lend to an individual instead of an entity but not for a primary residence .. hope that helps

Maybe Look at an FHA Loan for a 2-4 unit property if you meet the requirements

Strict probably isn't the best phrase to use, just different criteria HML are mainly focused on the asset. They do have min FICO requirements and liquidity requirements, but for the most part the deal is going to be based on the asset itself. If the numbers make since and it is in a good area then the funding process can be a lot less stringent than a typical bank.

The mortgage note would be under the LLC's name with you and your partner as signors/guarantors.

The rates will be a bit higher around the 6% range depending on the variables, but there are 30 year loan terms that you can look into

Sounds like you are pretty over leveraged on the first property since most lenders are going to give you 75% to 80% on a cash out refi and that's prior to loan costs

That is Correct rates will start in that 6% range with most non QM Lenders 

Look at Non QM Lenders