All Forum Posts by: Brandon Croucier
Brandon Croucier has started 2 posts and replied 626 times.
Post: Need a great lender for 10+ unit refinance!
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Quote from @Spencer Thomas:
Quote from @Brandon Croucier:
Hi Spencer,
DSCR 5-10 units is astonishingly competitive right now, that is most likely the best product to fit your needs.
These are above 10 units. Do you have a program for that? Thanks.
I do!
Post: DSCR Loans for Properties Worth Under 50K Each
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Quote from @Andrew Hinspater:
Hey Robin, yes we've found no DSCR that will go below 75K for the property value. The properties we buy are entirely turnkey and around the 40-65K range. FMR in our markets is around 900-1100 monthly for such properties, so the cashflow is there. We have the capital to buy properties but no way to refinance without waiting at least 6 months. I'm open to a portfolio loan for the properties but I haven't found any without seasoning or that will cash out. Are there any that you would be aware of?
It's frustrating that the only thing standing in our way from fast paced growth is the seasoning period on loans, if there is any sort of way to get around it we're more than open to trying the strategy out!
Just sent you a PM.
Post: Owner Occupied, low doc Loan for multiunit investment property
- Lender
- Nashville, TN
- Posts 687
- Votes 279
A Bank statement program would do wonders, 10% down minimum is industry standard, if you have a solid credit score,15% down will get you really good terms, however you still need to qualify DTI wise.
Best of luck!
Post: Lender who will lend to a Canadian investing in the USA
- Lender
- Nashville, TN
- Posts 687
- Votes 279
No issues, 65-70% of LTV without any US credit on DSCR Programs.
If he has significant down payment, pricing will be extremely competitive.
Post: Need a great lender for 10+ unit refinance!
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Hi Spencer,
DSCR 5-10 units is astonishingly competitive right now, that is most likely the best product to fit your needs.
Post: DSCR Loans - What to ask and what makes a good candidate for cash-out refi DSCR?
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Hi Rebecca,
DSCR Loans are a great tool, depending on your goals this is a doable deal.
75% LTV is possible.
The rate is not going to be pretty, but you can buy you down to a 1 year prepay, get your credit up and with rates dropping, refinance once again in 12-24 months.
Post: New Out of Area Investor
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Looks like you have a solid plan, compound interest will take care of the rest.
Can i ask what mortgage product you intend on going with?
Conventional versus non-qm products have similar pricing, but restrictions on DTI and capped number of properties will limit how far one can go using conventional.
Post: House Hacking Los Angeles
- Lender
- Nashville, TN
- Posts 687
- Votes 279
I assume you are referring to 3.5% and 5% down,
Well the 96.5% LTV FHA Product is great, it typically offers more competitive rates than the 95% LTV Conventional product.
However there are stricter requirements on the property for an FHA product.
Speak with a broker who knows what they are doing and they will point you in the right direction.
Neither of these products will qualify for 5+ Units however, stick to 1-4 units.
Post: DSCR Loans for Properties Worth Under 50K Each
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Nobody in the industry will do these, your going to need your rich uncle to step in & lend you capital, come up with cash, or pull equity from another source.
Post: Looking to do a refi
- Lender
- Nashville, TN
- Posts 687
- Votes 279
Hi Patrick, as rates have come down a bit the past week the opportunity for a low cost refinance is here and now!
There are plenty of lenders who can help you out on something like this. As others have mentioned, it being an investment property versus owner occupied is going to determine what product you qualify for .
As for your question what defines owner occupied.
Do you live in the property?