All Forum Posts by: Michael Aragones

Charlie , I understood the numbers part , it was more a questioning of the use of the words... But I did post it on separate discuss and was told the reason is because "banks make the rules" and as you mentioned its a term for the lesser of the two values.  I was trying to start a new term %LPA... Seems better but never going to happen.

Thanks

Michael

Hello , Kim

I look forward to meeting you in person intil then I will email you properties to review.

Thank you for your interest in my investments,

Michael

Ned, I agree banks do make the rules.

Chris , makes the point I was looking for its a term used to define the lesser of either value. 

Thanks guys

Hello Darla , below is my email. I look forward to you email.

[email protected]

So I recently posted looking for a lender willing to loan at 80-90 LPA not LTV. I thought to myself why is the default term for loan ratio, LTV , what if you have equity in the deal?

* LPA because buying the property with built in equity means your not loaning based on appraisal value but on purchase price.

Hello Bigger Pockets, I am looking for a lender with terms that fit my investment goals.

My name is Michael A. Aragones, and I am owner of Capital Bird LLC. I have a background in Engineering, Business and Commercial Real estate. I invest in small to medium size multi- family apartments in the West Central Florida Area.

My strategy is to buy & hold value add properties with positive cash flow and or built in equity.

For this type of investing I would need a higher 80-90 Loan to Purchase Amount (LPA not LTV)* Depending on the amount I would commit in rehabbing the property and equity at time of purchase. (Lender would have first note on the property).

If a property meets your requirements and decide to fund my purchase: I would require an immediate proof of funds letter to get property under contract and a deposit of funds into escrow within a 2 week – 3 week inspection period. (To protect my escrow deposit funds). Within that time, I will provide you immediate access to any inspection reports and important information required or requested.

Terms:

Year Loan 10-30

Points 0-4

Interest Rate 5-12%

Penalty for early pay off depends on other factors

* LPA because buying the property with built in equity means your not loaning based on appraisal value but on purchase price. (I should start a new post because I know everyone uses LTV)

If you made it this far down then please feel free to contact me with any questions, I can send you a full report on a property I am looking to fund.

Hello Bigger Pockets, I am looking for a lender with terms that fit my investment goals.

My name is Michael A. Aragones, and I am owner of Capital Bird LLC. I have a background in Engineering, Business and Commercial Real Estate. I invest in small to medium size multi-family apartments in the West Central Florida Area.

My strategy is to buy & hold value add properties with positive cash flow and or built in equity.

For this type of investing I would need a higher 80-90 Loan to Purchase Amount (LPA not LTV)* Depending on the amount I would commit in rehabbing the property and equity at time of purchase. (Lender would have first note on the property).

If a property meets your requirements and decide to fund my purchase: I would require an immediate proof of funds letter to get property under contract and a deposit of funds into escrow within a 2 week – 3 week inspection period. (To protect my escrow deposit funds). Within that time, I will provide you immediate access to any inspection reports and important information required or requested.

Terms:

Year Loan 10-30

Points 0-4

Interest Rate 5-12%

Penalty for early pay off depends on other factors

* LPA because buying the property with built in equity means your not loaning based on appraisal value but on purchase price. (I should start a new post because I know everyone uses LTV)

If you made it this far down then please feel free to contact me with any questions, I can send you a full report on a property I am looking to fund.

Kevin has the right idea , let me explain it a little further. Most business have what's called a "standard " . It's a list of what items the contractor is supposed to use for reference when a light bulb to the carpet is in need replacing. What I also recommend is with a list of what paint,carpet,tile,windows etc. when compiling the list you need to be very detailed including part/spec #. Then try to negotiate those items with your local suppliers. Basically say I'll add this item to my standards list if they would offer lower prices for picking those items as your company standard. Hope this helps🤔