All Forum Posts by: Andy Lanyi
Andy Lanyi has started 1 posts and replied 8 times.
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Wow, thank you so much for your Insight. And Thank for reaffirming what I thought I should do.
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Quote from @David Bilandzija:
Quote from @Andy Lanyi:
Quote from @David Bilandzija:
As Jack mentioned, 75% LTV is generally where DSCR lenders will top out in terms of max loan amount. In reality your max loan amount will be under that level because of lower cap rates in So Cal. I'll PM you terms for multifamily DSCR lenders and full doc bank options.
Not sure if I need a DSCR loan, I just want to pull out 50% loan to value. Do I need a DSCR loan if I just want to go 50%loan to value?
Bank v. DSCR loans won’t be a true apples to apples comparison since term length and amortization will be different when looking at the two. DSCR loans will look more heavily at credit and will typically offer 30 year amortization with longer fixed term periods up to 30 years. Interest rate is typically higher. Banks rates, while lower, are based on shorter fixed terms (3,5,7,10 fixed rate term) and shorter amortization (20-25 years).
Thank you for the Education. That is just about what I thought, I just did not know all the specifics. So much to learn still.
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Quote from @Lyndsay Zwirlein:
Quote from @Andy Lanyi:
I have two properties, 5 apartments in Covina Ca and 8 in upland Ca, that I have free and clear that I would like to pull money out and purchase additional apartments. looking for a few mortgage brokers to give me some idea of how much money I call pull out and terms of loans.
Blanket Lien? wow I am always learning new terms. Can you educate me, what is a blanket lean? And thank you for the response.
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Quote from @Devin Peterson:
Quote from @Andy Lanyi:
I have two properties, 5 apartments in Covina Ca and 8 in upland Ca, that I have free and clear that I would like to pull money out and purchase additional apartments. looking for a few mortgage brokers to give me some idea of how much money I call pull out and terms of loans.
Hi Andy, I have a few good contacts in your area that may be worth considering
Sure I would be interested, thank you
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Quote from @David Bilandzija:
As Jack mentioned, 75% LTV is generally where DSCR lenders will top out in terms of max loan amount. In reality your max loan amount will be under that level because of lower cap rates in So Cal. I'll PM you terms for multifamily DSCR lenders and full doc bank options.
Not sure if I need a DSCR loan, I just want to pull out 50% loan to value. Do I need a DSCR loan if I just want to go 50%loan to value?
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Quote from @Jack Tulloch:
Hey Andy - in general, you can pull out up to 75% of the appraised value assuming you have 6-months of seasoning on the assets. Rates/terms will depend on the type of loan your are looking for and are able to qualify for.
Just looking for a conventional loan around 50% loan to value is as much as I want to go.
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
Quote from @Matt Giacinto:
Hey Andy, Jack has it right on the nose here. I have a loan officer here in SoCal I can connect you with if you'd like. I'm also a commercial agent and can help you with finding the new properties. Let's connect!
Thank you, Yes I you have a loan officer that you can introduce me to that would be great. Also always looking for new properties, but the numbers have to work. I am looking for something around 2,000,000 give or take 200,000. In a b area and where I can go in and rehab each of the units one by one.
Post: Looking to refinance two properties that I have free and clear to reinvest
- Posts 8
- Votes 2
I have two properties, 5 apartments in Covina Ca and 8 in upland Ca, that I have free and clear that I would like to pull money out and purchase additional apartments. looking for a few mortgage brokers to give me some idea of how much money I call pull out and terms of loans.