All Forum Posts by: Copelon Kirklin
Copelon Kirklin has started 45 posts and replied 172 times.
Post: Have an opportunity in Tennessee - Looking for financing/Investor
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Rick Roberson:
@Copelon Kirklin Yes, the seller owns it free and clear.
So ideally, it sounds like you can use a short-term fix and flip loan, and then cash out through refinancing without any seasoning requirements, correct?
Post: Have an opportunity in Tennessee - Looking for financing/Investor
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Rick Roberson:
Have a contract on a 7 unit property. Includes Duplex, Quad, and SFH. SFH is next door and on different parcel.
Total after repair value should be 250k+. Looking for $100k for purchase and 30k for rehab on the property. 6 of the 7 units are rented at this time so they are livable, but I will be rehabbing all of them.
Would like to see what is available. Will be refinancing once the rehab and the seasoning are completed, so there are multiple ways to do this. If someone has something that could convert with us being able to cash out equity that would be perfect.
Is the property owned free and clear?
Post: Looking for Lender Offering Cash-out Refi on Hard Money Loan
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Donald Lemmon:
Hello,
I'm looking for a lender who can offer cash-out refinancing on a HML w/o a seasoning period. Can anyone help?
Thanks!
We have a few options depending on rate and terms you're seeking. All our options do not require any title seasoning. Let me know if you're still seeking the refi.
Post: Looking for investors or funding ideas
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Scott Purtan:
@Andrew Johnson The issue is that it already has the "Fake Morgage" from the other investor for 150,000.00. I have not gone to the bank yet. I thought since my credit is not that great i would not get approved. Also i am only 2 years out of a bankruptcy. So not sure that a Bank would lend but i can try. Just not sure how this "Fake morgage" will affect that. I do not need more than the equity. I think 300,000 would get me what i need to pay back the investor and get the rental up and also maybe purchase another property.
Alternative financing may work for you in this case. Sounds you badly need to take out the existing note holder, which can be done. I'm curious to know where you stand in regards to your FICO. Depending on that you may be able to get into a stated income loan as a stop-gap solution until you're able to qualify for bank financing.
Post: Multi-Family Refinance(s) wanted
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @David Clinton III:
Okay, BP: who has a loan product for me in the state of Washington?
• Long-term hold product
• amortizing OR interest-only, (as long as no pre-pay penalty)
• 75% LTV
• Cash-out refinance
• 1-4 & 5+ multi-family properties
• No seasoning requirements for length of ownership (Value property based on current appraisal)
• No seasoning requirements for existing tenants
• Appraisals will take income valuation into account, not solely sales comps.
• Credit scores 650+
• Borrower income not verified; (property incomes all rented and stable)
• Interest rates at 7.5% or less
• Possible Portfolio loan options
======
What I have for you:
1x SFR
3x Duplexes
4x 3-Unit
3x 4-Unit
1x 5-Unit
1x 6-Unit
1x 10-Unit
...all performing and managed by a professional property manager.
...all owned in various entity names, which can be consolidated or changed around as necessary.
Contact me and let's put something together!
As a correspondent lender, we can assist in all the scenarios and are ideal for what terms you've outlined. Feel free to shoot me a PM, email or even a phone call to discuss your options.
Post: No FICO, No Income Verification Hard Money Loans
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
This program is a short-term loan, specifically created to offer speedy access to capital for investors looking for quick and easy purchase & refinance money. A couple highlights below...
- NATIONWIDE
- Loan Amounts from 75K - 2MM
- No Income Docs/No Tax Returns/No DTI or DSCR
- No VOE, CPA Letter or Personal Financials
- Up to 75% LTV
- No Min FICO Requirement
- 1-4 Unit Rentals Only
- No Seasoning on FTC - Sourced Only
- No Title Seasoning
- Rates start at 8.50%
- 12 month I/O with optional 6 mos extension at no cost
- 3-4 pt Lender Fee
- Purchase & Refinance
Post: Recent Experience with Do Hard Money
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Doug Bryant:
I have been doing research on hard money lenders and came across DHM. I see old mixed reviews where most are 2 to 3 years old. Does anyone have any recent experience with them? Have things changed from back then?
We handle many hard money loan scenarios with several lenders. I know of Do Hard Money but it's been quite awhile since I've heard their name among many of the other reputable lenders currently. But if you're seeking hard money options, I'd be happy to have a conversation with you.
Post: NEED FUNDING/PARTNERS IN PROJECTS
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Would something like this work for you, Amanda?
-Up to 90% of Purchase and 100% of Rehab (within 65-70% ARV)
-Closing in as little as 2 weeks on the first deal
-No Tax Returns or Income Verification
-No Asset Verification or Seasoning/Sourcing of Funds
-Experienced Operators
-No PPP
-2nd Liens Allowed
-GAP Funding Allowed
-Nationwide except NV, SD, ND, and VT
Post: Refinance property in US?
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Moses W.:
@Copelon Kirklin I'm open to alternative financing for sure. I'm just not sure where to look for it and whether being a Canadian will make it harder. I see some ads in the marketplace offer seller financing. I suppose this is one option.
Yes, there are several options out there. For us and most alternative lenders, when it comes to foreign investors, we can finance your deals but it's usually at a lower LTV than normal. I'm open to discussing in more detail. Just shoot me a PM.
Post: Refinance property in US?
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Chris Popov:
Yeah, I am not flipping or doing anything short term, so it has to be long term finance.
Alternative financing may not always apply to flipping and/or short-term. For us, we can go as far as 3 years or even 8 years for a fixed rate on a 30yr amortization. So it's not as short as the typical hard money loan but also not quite as long-term as conventional may offer.