All Forum Posts by: Amir Guerami

I always think less is more! Showing facts, numbers and data and then letting them pass up a deal but updating them on what happened on the deal they passed up. Once they see how much money they left on the table on a few prior deals that they passed on it may motivate them to jump in and trust your guidance.

Clay I am happy to chat wit you. Unfortunately a great deal of condos in FL are non-warrantable as they don’t devote enough towards reserves. Many have also have been hit with huge assessments for the 40 year certification after the Surfside Condo collapse and disaster. We finance non-warrantable condos in FL and can help. 

Hi Amy. Yes at 80 LTV you should be good. Every lender has their own "overlay" on the product. An overlay is their internal credit risk "safety net" that they impose on top of the product. For example at my company we do not go over $100K in renovations so if you need $200K in renovations you are self financing the other $100K. The product does consider the ARV for calculating LTVs. Also we do not allow changes to the structure of the house on our Home Style loans …..most lenders have the same guidelines. Therefore you many not be able to take a renovation loan out to add an ADU as a separate unit on the property….it is very case by case. I would definitely talk to a professional in MA. Please also note that many if not most lenders won't allow you to self manage the renovation if the loan if the renovation is above $35K you will need a true general contractor with formal bid and their will be construction draws.

Best of luck to you.

Hi Amy by real life experience do you mean homeowner or lender real life experience. As a lender I have a ton of real life experience with this product for your specific needs. I don't have any experience as a homeowner unfortunately. 

Payments on 203k loan are due the following month after you close. Most construction loans allow for payments after the project is complete but you need 20-30% down to secure construction financing. I presume your looking for a low down payment if you are choosing a 203k.

Happy New Year. Yes all 4 members can share the down payment. Not all four members have to be on the loan in terms of having their credit checked. I provide loans to LLCs all the time in Texas. Your loan type will depend on a few factors like intended use of the property, condition of the property, credit score of the primary borrower, down payment and investment goals. Feel free to call me with any questions. Congrats on your deal….!!!! 

Good morning Hannah! Happy New Year. I would love to help. I will send you a private message so we can connect. You definitely have a lot of options. 

Happy New Year Cory. Is the property your principal residence? If so how long have you been living at it. 

Happy New Year all! I am a lender/loan officer and love what I do….truly. It is sales and you really have to have tough skin and not be afraid of “NOs.” Short of that it is a very rewarding career both emotionally (you help a lot of families achieve wealth building) and financially. There are many types of MLOs as well. Happy to share more with anyone who is interested. Feel free to contact me. Everyone have a prosperous New Year. 

Happy New Year. I have been lending in Los Angeles for the past 9 years. In terms of financing and access to traditional and private capital I would agree with prior two posts from @Rick Albert and @Jon Schwartz that the rehabbing will be much easier endeavor than attempting to finance ground up construction for a new property.