All Forum Posts by: Copelon Kirklin

Is this a refi @Paul Doane?

 Revolving Line of Credit

-          24-36 month terms

-          Daily interest only payment

-          Has to be secured by collateral (real estate or vehicle)

-          Approval amount is up to 50% of equity

-          Maximum amount $2MM (min. $20K)

-          Will accept low credit score

-          Other financing positions okay

My company is a private money and commercial mortgage brokerage that arranges financing for residential and commercial real estate deals. From time to time, I post discussions on various loan products available to borrowers.

Hard money is not meant to be cheap nor used long-term. That being said, it is useful if the numbers work for the investor. Here's a hard money product that I've closed with a few borrowers on. It is only for purchase and refinance deals. There's also a no credit, no income component, which is the most expensive. If any investors are interested, feel free to contact me.

You have a couple of options with this particular lender. It would look like this...

6 mo. I/O

• Loan Purpose: Flip Only
• Term: 6 months
• Amortization: Interest Only
• Tier 1 Rate, Points*: 11%, 4.5 points
• Tier 2 Rate, Points: 11%, 6.5 points
• Tier 3 Rate, Points: 15%, 7.5 points
• Closing Fee: $995 - $1995*
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C5
• Prepayment Penalty: No

5 Yr. Full Am.

• Loan Purpose: Flip or Rent
• Term: 60 months
• Amortization: 5 yrs.
• Tier 1 Rate, Points*: 18%, 4.5 points
• Tier 2 Rate, Points: 18%, 4.5 points
• Tier 3 Rate, Points: 18%, 4.5 points
• Closing Fee: $1000
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C4
• Prepayment Penalty: No

10 Due-in-3

• Loan Purpose: Flip or Rent
• Term: 36 months
• Amortization: 10 yrs.
• Tier 1 Rate, Points*: 14%, 5.5 points
• Tier 2 Rate, Points: 15%, 6.5 points
• Tier 3 Rate, Points: 18%, 7.5 points
• Closing Fee: $1000
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C4
• Prepayment Penalty: No

30 Due-in-3

• Loan Purpose: Rent
• Term: 36 months
• Amortization: 30 yrs.
• Tier 1 Rate, Points*: 14%, 5.5 points
• Tier 2 Rate, Points: 15%, 6.5 points
• Tier 3 Rate, Points: 18%, 7.5 points
• Closing Fee: $1250
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: $80K
• Property Condition: C1-C4
• Prepayment Penalty: Yes

*Interest rates and points based on credit score: Tier 1 - 700 or higher, Tier 2 - 600-699, Tier 3 - 619 or lower. Closing fee on 6-month loan dependent upon loan amount.

@Account Closed

Most of the private money lenders who are willing to lend 100% purchase and rehab usually do it in their local areas. They also require the investors to be considerably experienced. Anything outside their footprint or lending funds to fairly new investors becomes an extreme risk. I know of a few but only in select states.

The 80% LTV you mentioned is pretty accurate for a few lenders and they can do it nationwide. I actually work with one lender who not only does 80% of the PP but also 100% of the rehab.

Hi @Danielle Perry,

Check out a post of mine from yesterday...

http://www.biggerpockets.com/forums/517/topics/189...

It takes them 10 business days to close as long as you provide what they need in a timely manner. This is one of the lenders I have closed a few deals with. Remember, hard money is not meant to be cheap. Only meant to get in and get out as quickly as possible.

My company is a private money and commercial mortgage brokerage that arranges financing for residential and commercial real estate deals. From time to time, I post discussions on various loan products available to borrowers. 

Hard money is not meant to be cheap nor used long-term. That being said, it is useful if the numbers work for the investor. Here's a hard money product that I've closed with a few borrowers on. It is only for purchase and refinance deals. There's also a no credit, no income component, which is the most expensive. If any investors are interested, feel free to contact me.

You have a couple of options with this particular lender. It would look like this...

6 mo. I/O

• Loan Purpose: Flip Only
• Term: 6 months
• Amortization: Interest Only
• Tier 1 Rate, Points*: 11%, 4.5 points
• Tier 2 Rate, Points: 11%, 6.5 points
• Tier 3 Rate, Points: 15%, 7.5 points
• Closing Fee: $995 - $1995*
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C5
• Prepayment Penalty: No

5 Yr. Full Am.

• Loan Purpose: Flip or Rent
• Term: 60 months
• Amortization: 5 yrs.
• Tier 1 Rate, Points*: 18%, 4.5 points
• Tier 2 Rate, Points: 18%, 4.5 points
• Tier 3 Rate, Points: 18%, 4.5 points
• Closing Fee: $1000
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C4
• Prepayment Penalty: No

• Loan Purpose: Flip or Rent
• Term: 36 months
• Amortization: 10 yrs.
• Tier 1 Rate, Points*: 14%, 5.5 points
• Tier 2 Rate, Points: 15%, 6.5 points
• Tier 3 Rate, Points: 18%, 7.5 points
• Closing Fee: $1000
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: Purchase - $35.4K, Refi - $46K
• Property Condition: C1-C4
• Prepayment Penalty: No

• Loan Purpose: Rent
• Term: 36 months
• Amortization: 30 yrs.
• Tier 1 Rate, Points*: 14%, 5.5 points
• Tier 2 Rate, Points: 15%, 6.5 points
• Tier 3 Rate, Points: 18%, 7.5 points
• Closing Fee: $1250
• LTV: Purchase - 65%, Refi - 50%
• Min. Property Value: $80K
• Property Condition: C1-C4
• Prepayment Penalty: Yes

*Interest rates and points based on credit score: Tier 1 - 700 or higher, Tier 2 - 600-699, Tier 3 - 619 or lower. Closing fee on 6-month loan dependent upon loan amount.

@Account Closed

100% financing is very limited. There are only 2 sources I know of. One operates in 11 states and their requirements are very strict. The other requires 50% share in resale profits and only operates in CA. You also have to have significant experience in rehab projects.

What type of properties are they @Raj Pat and would you be open to receiving 100% PP, rehab funds, closing costs, fees, etc in exchange for a 50/50 split?

30 year amortization schedules

@James Wise

I can get an LOI within 24 hours once I receive a rent roll and a personal financial statement. From there we need 45 days to close.