All Forum Posts by: Tarik Turner

I ran across a deal like this in the past be sure that all units are legal with the city that can cause a major hiccup in regards to funding. 

But a standard HML fix and flip loan would work then you can always refinance out once completed that would be your best option to close prior to the holiday

I understand what you mean here. There are a few lenders who may allow a sellers second on a deal however most will not allow the seller's second to cover the remainder of the purchase price. For instance Loan amount 75% LTV sellers second 5% LTV you would still need to come up with 20% or so

Solid offer for a portfolio loan Nothing out of the norm here 

Are you only looking for a conventional product? there are a ton of long term stated income options out there that do not calculate DTI

Conventional lenders will pretty much always calculate DTI however there are non QM lenders/portfolio lenders who can offer you loan programs without calculating DTI

What is the current value?

If you are only looking at conventional lenders and Freddie/Fannie products you will keep bumping your head against that wall however their are more investor friendly lenders that can refi prior to the 12 month period. 

Actually that depends on the lender as well. There are lenders who do not require that information. (With that being said your all of your reporting debts should be on your credit report anyway) 

 Just ask the lender that you are working with 

It depends on if the loan is reporting on non reporting. Most portfolio lends do not report against personal credit if the property is held in an LLC