All Forum Posts by: Tarik Turner

Depending on the condition of the property. 

If it is still in solid condition and can be used as is, (And the appraisal pans out) then you should be able to get an offer from a traditional lender on it 

BTW those rates mentioned are on the high side

@Adam Craig 

@Joshua Holt

Just as an FYI you would probably be looking at a short term loan product on this type of deal until the property is stabilized . 

As far as the SBA is concerned those loan amounts are heavily based on collateral as well. 

If you have the income history with the business or other assets that can be used as collateral then it maybe possible 

But a short term loan that gives you a % of the rehab would be your best bet if not... 

What are the numbers on the deal?

Is the 2nd position lien over 200k?

 They are lines of credit offered by certain lenders.  You do not pay interest on funds that aren't being used but it gives you much quicker access to funds than a typical loan would.  Most Lenders who offer that product however want to see your experience as an investor 

Those terms sound pretty rough

On commercial properties most Lenders are going to fall between 6 to 12 months before allowing you to refi at the appraised value. 

Some may allow you to refi sooner based on the purchase price plus documented improvements 

6% on a commercial property is also a great rate..  Need to get the term up to 30 however

You will need about 15% of total costs using most fix and flip loan products (the majority of them cover 90% LTC) and 25% to 30% of total costs on rentals unless you are looking at an FHA product

Need more info

What are you building? What State? The size of the loan and entitlement status would also help other investors with their suggestions 

What type of property is it and where is it located? 

The Refi time differs from lender to lender Typically it is between 6 to 12 months 

We typically can do 1-4 units after 30 days of seasoning 

But there will be a waiting period prior to your refi 

Have you ever tried to qualify for a Line of credit strictly for investment properties. 

It wouldn't be a HELOC per say- (Which most lenders do not offer against investment properties BTW) but it is still an LOC and you use as needed for a property purchase.

Each deal would have to get approved however