All Forum Posts by: Tarik Turner

First and foremost you are doing great and your end goals sound wonderful and very possible. Send me a PM I would love to discuss in further detail and see if at the very least there is some valuable advice that I can share with you.

Do you have an existing note on the property?

How much more do you need in repairs?

What is the ARV?

You can get a short term interest only product but your solution will be dictated by the details of your situation 

Besides the origination fee it sounds pretty accurate, You maybe able to save a fraction of a point here or there but you will most likely land around the same numbers

I am also assuming the add on's land you around 8.5% 

Were there any buy downs offered? 

Stated income loans do not require tax returns or pay stubs to be submitted they are asset and credit driven loan products. 

(send me a PM)

You need a stated income loan 

What is the actual value of the property?

Positive thoughts and energy to you and your family. 

You can still refi the property with bad credit the rates and terms will not be the greatest. 

Creating an llc and adding your wife to the llc and deed will certainly help

you can get it done as long as there is a 30 seasoning period

What is the value of the property you are trying to refi?

Sent you a PM but more or less 75% LTV at around 2 points origination.

Rates between 7.25 and 8.5 credit score based on a 30 year term 

The tough issue here is there are some lenders who are trying to stay away from commercial deals in Chicago.  And since your property is mixed use it would be a commercial deal however