All Forum Posts by: Alex Hunt

Transfer deed at closing

Jose please send me a private message. I would love to tackle this refinance with you. Few different options in regards to rates, terms, LTV. But depending on some factors most likely 75%LTV so $637,500 loan amount paying off the $488k you would net about $145k. Hope this helped somewhat

HELOC variable rates are very worrisome right now with the FED increase. On that same note, yes rates on cashout refinance from any of the large national investment players are above 4% including ourselves. Nothing we can do about the secondary market, and if you look at a macro scope of the rates we are still at historically low. We could do a refinance blanket but that wouldn't lower the rate versus doing them individually. You are looking to take out a low LTV but the lowest on a 5,7 or 10 year arm would be 4.25% and on 30year fixed 4.75%. Hope this helped in someway, can always message me with more questions.

None of the previously mentioned routes are a bad way to go. Would love to chat with you further from a lenders side, to see which option best fits you and your plan as we offer all of the previously mentioned programs. Maybe best to cashout refinance something in your portfolio to get the downpayment, or to go with a hard money program as that will allow you to put down 10%  

Linh this is a tough situation as the rest have said, my firm and I could help with the properties that have been owned 3 months or longer with a minimum value of $75,000 is what we can do for a portfolio loan for 2-50 properties, if it was 50-100 properties the minimum is $50,000 just to give further information. We do 46/50 states including MI and most of the Midwest. For more questions send me a message or inquire on Brrrr Loans BP page

You are smarter than most owning each property under their own LLC. You are well protected as is, you could for other layer of protection own those LLC's under a new LLC, I don't think the trust on top of the parent LLC is necessary though.

Julia, as a lender what I see most often from my cash buyers are the 2 following options.

1st- you are not wrong to check to see what the cashout refinance numbers are before the purchase but then you run into the issue of seasoning period, not sure what Jon was talking about, our seasoning period is 3 months not 3 years.

2nd- Best option in my opinion for this case, to do what is called a delayed purchase. This is specific for cash buyers, you can buy in cash as planned and get 80% of the purchase price back to you right away on a 30 year refinance of the cash purchase.

Hope this was helpful for more information send me a message or inquire on Brrrr Loans BP page

I agree with Johnathan, look for locations first then numbers. A lender like myself can easily and quickly tell you if a property will cashflow. With $70k on 30year fixed programs with no experience on investment property would be 20% down. So easily approved to purchase $350,000 in real estate. Other options of course can go with a FHA loan for 3-4% down, conventional mortgage, etc just have to get information on all the financing options and see which is best for you and your long term goal.

From a lender stand point this property would have a DSCR calculation of 2.34 (very High) on a $3million value with the numbers you provided. It would pass the requirement of 1.15 for DSCR all the way up to a value of $7.625 million and a loan amount of $6.1 million. Hope this was helped in some way