All Forum Posts by: Andrew Zamboroski

my partner and I are trying to purchase a property. She’s on salary and I am not. We have a substantial amount to use for a down payment on the deal we’re trying to put together but my income is all over the place since I’m in the trades and my work is sometimes weather dependent.

So many great questions and comments from colleagues above. Firstly, what is the intended use of the property? That can help us best guide you!

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Quote from @Robert Clifford:

In 2021, I refinanced some properties with some PE-backed lenders. The loan officers convinced me to put them on a multi-property loan. There were provisions to sell individual properties out, and when I got an offers, I took them based on the direction from the servicers that they would recast the loan. After I sold the property, they would not recast the loan. I lost a chunk of income, such that I could no longer service the loans. The lender/investor is unwilling to negotiate, and I'm looking for some help to refinance the properties (short or long-term) and get them into individual loans. They have cash flow, and there is equity; the issue is that all of this has negatively impacted my credit score. There are two loans, one that's around $1.2M and one that's around $500k. Looking for a private lender. Properties are in Columbia, SC and Greenville, SC.

Firstly, I’m really sorry to hear about the negative situation. Blanket loans can have significant advantages and disadvantages to always consider. If you have at least a 620 score, we may be able to help with a short or long term loan. I would be happy to see if we can help!

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Greenville, South Carolina

Quote from @Peter Lahti:

Hello Bigger Pockets!

Would anyone have any suggestions for lenders in the Oklahoma City Market? Looking for options for a refinance!

Not seeking any Hard/Private money at this time.

Looking forward to everyone's suggestions!

Thank you,

If you’re looking for a conventional loan, https://findamortgagebroker.com/ is a great resource to find a local mortgage broker. If you’re looking for a DSCR loan there are plenty of great resources like myself on here that would be happy to take a look.

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Oklahoma City, Oklahoma

Quote from @Darian Richardson:

Hey Bp,

I wanted to share my situation with the hope of recommendations or suggestions. I currently have a home in Augusta, Ga listed for sale. Originally this was supposed to be fix and flip, but I am pivoting this to a BRRRR. I am planning to rent out the home refinance, and pull out some of my cash from the deal.

I am looking for a 80% DSCR LTV loan for this deal.

Here is some quick stats of the deal:

Purchase Date August 11th, 2023
Purchase Price: 80K
Renovation Cost: 60K
All - In : 140K
Estimated ARV: 180k
Estimated Rental Rate: $1,400 - $1,600
Current Loan Balance: $111,000

My Stats:
- 720 + credit score

Here is a link to the property for more information.
https://www.zillow.com/homedetails/2730-Antler-Dr-W-Augusta-...

Does anyone know any lenders or small banks in the area that will lend up to that LTV for a cash-out refi?

Devin was spot on, once removed it should not be a huge deal. Although, some lenders will go off the lowest list price, if by some measure the property does appraise higher (just something to keep in mind). This may be something we can help with if you want to connect!

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Quote from @Bryan Hartlen:

Anyone have recent experience with terms for SFR DSCR loans? Any differences besides rate for non-recourse vs recourse?

There are quite a few factors besides recourse versus non that can affect pricing. The leverage, DSCR, personal credit score, experience, and prepayment penalty length can all also impact pricing. I hope this is the type of answer you were looking for! It's not a bad idea to get a few different pricing scenarios.

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Quote from @Joe Kern:

Hello all ! Just got pre approval for an investment property , and am curious what the pros /cons would be id I added my wife to this as well? Also - I currently have an FHA on my primary which she is NOT on. Can she also use an FHA in her name only, for another property in the future.

Thanks in advance !

In my personal opinion, I think there are nice advantages to qualifying alone. The spouse could take out future mortgages and it makes the qualification process more simple. For example, why provide two sets of income documents when one is not needed to qualify? Usually creates unnecessary headaches and can hinder future opportunities.

1 Vote

Quote from @Jackie Nguyen:

Quote from @Andrew Zamboroski:

Quote from @Jackie Nguyen:

hey folks, i have a primary home with a mortgage and an investment property with a tenant inside and no mortgage on it. I recently acquired a building that i will be turning into a restaurant. I want to either cashout refi or get a HELOC on the investment property for about 250-300k to use towards remodeling the new building. My concern is my DTI to include front and back end is about 60-65% is there anyway i can take some of the funds from the cash out refi or heloc to pay down my debt and lower my DTI as closing to actually qualify? Or would i not be qualified until i am within their DTI range? Thank in advance

You can typically have debts marked to be paid at closing if that is what you're looking to do. Eitherwise, a DSCR loan could be a fantastic tool in this scenario. Qualify based on your properties income versus your own and save the headache of DTI calculations.

So when i go through the process for either the heloc or cashout refi, i can ask them to put it into a contract to pay down certain debt to bring the dti down to their desired percentage ?

You should be able to work with your loan originator to facilitate payoffs for necessary debt that is taken care of with the transaction. As far as how much debt, etc.. would all depend on your current dti and needed amount to get you where you need to be. I hope that helps!

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Philadelphia, Pennsylvania

Quote from @Jackie Nguyen:

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Philadelphia, Pennsylvania

Quote from @Skyler Shively:

Looking to scale my rental portfolio. I have been in the search of lenders with low or no minimums for purchase/ refi. Have found that most DSCR lenders have 75k-100k minimum loan amounts. I live in a cheaper market with a lot of sub-75k properties. Current lender have no minimums but the fees are high and they want 30% down. Looking to possibly connect with a new lender and discuss my options. Thanks!

Definitely a more niche type of product, but, incredibly useful, especially across the Midwest where many rental properties are less than 100k. Our minimum purchase price is 75k for 1-4 units in most states, not sure if that helps at all. Any lower than that and the costs of the mortgage are typically a very high percentage of the loan amount.

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Quote from @Imdad Rahman:

I'm in search of the best hard money lender recommendations in Michigan. I've got a project in mind that requires some financing, and I'd love to hear about your experiences and any trustworthy lenders you've worked with in the state. Your insights and recommendations would be greatly appreciated! Thanks in advance.

We’re based in Michigan, happy to connect if you’re still looking for assistance!

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Warren, Michigan

All Forum Posts by: Andrew Zamboroski

Andrew Zamboroski has started 0 posts and replied 299 times.

Post: Best lenders for variable income (MAINE)

Post: issues with blanket loan - need

Post: Lender Recommendations in Oklahoma City

Post: 80% DSCR LOan for SFR

Post: SFR DSCR terms?

Post: Loan with wife vs alone

Post: Refinancing with hight DTI

Post: Refinancing with hight DTI

Post: DSCR lenders, HML with low or no minimum loan amounts?

Post: Michigan Hard Money Lenders