All Forum Posts by: Tarik Turner

some lenders actually have long term interest only products as well

You would need to seek legal advice however the best course of action would more than likely be to refi the property after the rehab is complete and have a buyout agreement in place drawn up by your lawyer to be signed at closing.

The new loan will still be in the entity name with you being the sole loan guarantor. Find a good RE attorney to consult with and to get the buyout done properly

Do you still have the 25% down payment?

You may need to look into a portfolio lender or anyone lender that offers a lite doc or stated income program 

Those products will max you out at 75% to 80% LTV but do not require income verification

It will affect the appraisal maybe not to the extent of a true commercial property however the short answer is yes. 

Also most (Not all) lenders have an occupancy rate min before the lend on investment properties. (Typically 75%) 

SBA might work but as previously mentioned the guidelines are pretty stringent and you should also be prepared to offer up your primary as additional collateral 

There are other options for commercial/mixed use rehab as well. some HML and even Portfolio lenders may have some interesting options as well

What are the details of your deal? What is the Property value, type of property, Cash out or Rate Term? 

You can refi based on the appraised value after 30 days but it won't be with a conventional loan product. There are commercial products available, however with commercial based products expect a higher rate

Is there enough equity to refi the property to buy out your partner? 

 Depending on the loan amount that can be an issue some lenders will go as low as 50k but if it is smaller than that then it maybe a tough ask