All Forum Posts by: Alex Hunt

I can recommend BrrrrLoans for this. I saw your comment on the bank denying the ownership of 23/76, as long as the borrowing entity owns more than 20% this would be able. A cashout refinance of 70- 75% LTV would be expected on a 30yr fixed. Credit, cashflow, are considered and new appraisal would be needed unless you had an appraisal done in the last 120 days through and approved AMC, that could be transferred.

I hear you hate mortgages and there are many options to sort this out efficiently, work with a non-QM lender to get 30yr fixed. So you don't have to worry about the balloons. They can offer just slighty rate then the bank but again avoiding the balloon. Doing a cash out refinance on the 2 without mortgages to clear out the mortgage on the other would work, you could them together for 1 mortgage or as individuals. Another option would be to to just refinance either cashaout or rate and term the 1 with the mortgage into a 30yr fixed to avoid the balloon. Hope this was helpful

Hey all, yes work a non- QM lender and they can provide 20% down depending on credit, unit count

For the personal home, look into a bank for the refinance. Properties under LLC work with a non- QM lender. What are the cashout's going to be used for another purchase?

With the recent increases in the 30yr fixed rates, I have been recommending more the ARM program. As a lender I see it best to put all the options in front of the borrower, offer my professional opinion and let them decide. Also depends on your long term objective for that property or the overall portfolio.

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Mixed is something the banks don't typically like. Look for a non- QM lender such as Brrrr Loans or others. Mixed use is typically no issue for companies like that, some do have guidelines where they require 70% of the space to residential. Which in this case it seems like it is, they would be able to provide a 30yr fixed note for this so you don't have to worry about the adjustments that you mentioned.  

Work with a non- QM lender or DSCR lender/ loan. As they will not consider your employment.

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I agree with Tim above, it depends if you are chatting with a conventional lender or a non- QM lender. As a non-QM lender will not consider this, or tax returns even.