All Forum Posts by: Aryia Bala

There are different documents that you could get from your Lender to present: Proof of Funds, Term Sheet, Pre-approval. Ask your broker/agent what they are looking for and reach out to your lender. We generally provide POF

Short answer is it depends on the ARV. The full answer is that it depends on the entire scenario. I would suggest doing your due diligence and finding a property and presenting it to a lender. We see enough deals to know if its viable or not.

HELOC is great if you can get that large of a line but I would not use if it that means losing out on your other profitable properties.

This is a great scenario for hard money!

You sound like a knowledgeable, responsible and experienced real estate investor with all your numbers and info organized and ready for review.

Reach out to different hard money lenders that can help with the initial loan to fix and rent the property. Then you can refinance it with a bank assuming your credit score is great or just DSCR it with the same lender.

We have done this for many borrowers in the past and they love that they can use the same lender for their value strategy and exist strategy

When it comes to Lenders its best to find an exact deal or scenario to price and discuss. Otherwise, things change with each variation. Most people find a handful of Lenders from their own research online and through their network's recommendation.

Be selective, dedicate some time to do the research and make the calls. Get to know them... this could be a long and fruitful relationship for many more deals to come.

As a first time investor you need to make sure you have all your numbers and team ready to go - make a good impression. A lender is taking a risk on you. Show them you're qualified

Im sorry @Michell Chase - These things happen but thankfully you caught it with time to fix it. I would keep all focus on finding a replacement contractor and pushing forward with the project. Call local agents, village/county, other investors in the area to find a reputable replacement that can work on it asap. 

The world works in mysterious ways - your current contractor may have some free time all of a sudden and decide to come back to finish your job quickly.

At Malve, we require a PG and never had a borrower push back on it - its the industry standard. 

You may find better luck with private local or friends and family loans and I would expect the LTV and rates/fees to get impact it

Is there a reason your looking to avoid a PG?

There are a bunch of ways you can improve (check out @Brittany Minocchi post) to make sure you can get approved for a hard money loan and then DSCR out of it using the BRRRR method. However, for this project if it really is a killer deal, you can get an mentor equity partner with experience. Ive seen some sponsors do deals as a mentor and apprentice. The mentor can handhold you through the process and provide the connections and expertise with a little bit of capital. You provide all the time (and stress). You probably wont make much money but after 2 of deals and maybe a year you can run on your own or take over some business for your mentor.

Always good to have all options in your war chest and know where you stand on risk appetite.

Ideally you find great deals to fund with hard money. Use the CCs to pay for all work(,get the points.) and then have it reimbursed with a larger draw.

A hard money lender is not as quick to destroy your personal credit score or even hit the credit bureaus. However, consumer credit card company will will...

A lot of this also varies on where your deal is located. Business and Personal Credit may not be enough to cover deals in more expensive markets

Many of our Borrowers at Malve use CCs. It doesnt make sense not to - you get a 30 day loan for free.

Hit us up. Let's pour fuel on that fire!

 Once you get a little more acclimated, reach out to us! We can review the deal with you and offer you a term sheet to help finance the deal. We see a ton of deals come across our desk, so we can definitely share some insights to help you make the best move