All Forum Posts by: Austin Ojimgba

@ Neil Garceau,

What i will suggest is for you to look for an Asset Based Hard Money Lender that does not consider income or Credit, underwriting is based purely on the asset and its cash flow. 

@ Aaron Kashani, Most Hard Money Lenders will lend up to 90% of the Purchase Price and 100% of the Rehab which will depend on your credit score & Experience. If you have a higher Score and experience I'm sure you will be qualified. I have come across a Lender that does 100% Financing for Fix & Flip, when i spoke with them to confirm their Lending criteria they indicated that they can lend up to 100% of the Purchase & Rehab as long as the Purchase & Rehab does not exceed 65-70% ARV, also it depends on your Credit Score and Experience, a Higher credit score and experience qualifier's you for 100% Financing. You must have Liquidity of at least minimum of $20K+ and a Minimum Gross Annual Income of ($50K).

If you're looking for something above these  ranges then I'm not sure if you can find one but i hope this helps.

@Chris Witham Depending on your Credit Score and experience you might get a HML that will be willing to do 90% of the Purchase and 100% of the Rehab.

@Teofilo Tavares We have several direct HML Lending Nationwide that we are closely working with and most do lend to New Investors but you should expect higher interest rate and fees depending on your credit score. You can also search for HML here on the network section, there are couple of them.

@Eric I i agree with Jeffrey Edwards Maximum you can get should be 75% LTV and this will also depend on other factors like your Credit Score, Experience, how many Rentals you currently own etc.

@Justin Lee, 4-5 Units and upwards are considered Commercial Properties. Most of the answers here are pointing you to a conventional Loan which i believe is not what you're looking for, according to your post you indicated seeking a Private/Hard Money Lender that has a No Doc Loan program. I work with multiple Direct  Private/Hard Money lenders that lends on all types of Commercial Properties also you can search for Hard Money Lenders here on Bigger pockets. CLICK on Network and you will see recommended Lenders and then search through it. Never pay any upfront fees to any Lender cause no Legitimate Lender will ask you for an upfront fees, although there are closing cost that will be associated with your Loan if approved but those cost are disclosed to you upfront and it's only paid at closing expect Appraisal fees you're not obligated in any way to accept the terms unless you find the terms appealing to you and you decide to move forward with the Lender. Good luck, i hope this helps.

@Chris Smith, Chris,i would have suggested a Hard Money Loan but since this is an owner occupied property that option is ruled out as Hard Money Lenders do not lend on owner occupied properties which leaves you the option of going through a Conventional Loan. There are several Mortgage Lenders in here that might be able to assist you check the network section on this platform to find a Mortgage Lender, i hope this helps.

@Bhanu Kuna, i think HML might work on your situation cause its going to be hard for you to get a Lender that will be willing to lend only on the Rehab.With a HML you will get up to 85-90% of the Purchase price and 90-100% of the Rehab all depending on your experience and Credit Score so all you need to bring into the deal will be your down payment and closing cost.

Let me know if this is an option you will like to explore.

@Casey Richards, in case the people you are talking to at the moment couldn't help,reach out to me i can point you to a Nationwide direct Lender that get your deal done.Best of luck.