All Forum Posts by: Tarik Turner

Is the property a primary or an investment property?

How many units?

See if you can find a lender who would be willing to use the same appraisal 

I have seen appraisals challenged before but it usually due to the property being unique and there being no real comps in the immediate area. 

It sounds about right the real issue here is they are only giving you 70% LTV on a cash out .. you can probably get 75% LTV but the cash out amount would be around 10-15k

If the property is in MI it maybe tougher to get 75% LTV but should still be possible

New construction loans are also very reliant on the investor and the investor's experience since there is really no asset other than raw land. 

You may be able to find a product that doesn't require tax returns but everything else is pretty standard 

Best bet in this scenario is a short term bridge product rates will be in that 9%-12 range 

You can still get a 30 year fixed on a commercial property as well

If you have 75k just get the HML to cover 85% of the total costs take the buyer out and use the rest of your funds as reserves

Are you currently occupying the 4 plex?  

Depends on the lender and the type of loan..  This can really vary.  Typically 15% to 20% of the total costs on flips and 25% to 35% on buy and holds.  Another big factor is whether or not your lender requires reserves. 

Well it also depends on 2 major factors.  The type of lender /loan and the type of property.  Most portfolio lenders want you to own your primary residence because they cannot lend to owner occupied properties and with you not owning your primary it's seen as a risk.  However if your first property is, let's say a mixed use or 3-4 units you have a better chances with a portfolio lender.  Lenders who offer conventional loans are a different game all together.