All Forum Posts by: Copelon Kirklin

Thanks @Kerry Boyle and @Copelon Kirklin. Do either of you have any recommendations for HML's who do business in the NYC/NJ areas. I contacted one who I previously interacted with on this site, but then when we were discussing everything, his rates and points were at a premium and wasn't willing to budge on the preapproval letter. I worked with another person in the past, but he's no longer lending which is inconvenient since he was an easy person to work with. Any recommendations would be helpful.

Shoot me a PM and let's discuss from there.

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@Moses W. and @Chris Popov are you only seeking conventional financing? I ask this because the alternative space may be able to accommodate you, albeit slightly more expensive.

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Originally posted by @Wes Blaney:

Thankyou @Andrew Postell & @Account Closed I thought I was overcomplicating a 'simple' transaction, but because I have not walked through one to date, wanted to be sure of the process. Cheers!

And if you can't qualify for a conventional loan while being stuck in a HML, there are alternative options. Some use the term "soft money" because rates are not as low as conventional financing but not as high as hard money. It's usually something like a stated income loan where the terms can fall anywhere between 3-8 years for a fixed rate. It's like a stop-gap until you can get qualified for the conventional loan.

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Originally posted by @Solon S.:

I wanted to see if there is anyone that knows if hard money lenders provide pre-approved loans or proof of funds for investors, similar to how traditional lenders provide pre-approved mortgages which are pending final approval.

It seems as though I am in a catch 22 as we are currently in a competitive market when it comes to finding deals and that would provide a good return. A lot of the good value deals are major fixer uppers, foreclosures, or short sales which would not be eligible for conventional mortgages and the brokers require proof of funds before even considering your offer.

I wanted to see if anyone had a solution to this problem or if anyone knows of a hard money lender which can provide a pre-approval letter or proof of funds letter to facilitate a deal. Thanks all

Kerry is correct. However, you want to make sure these letters come from the actual lender instead of a company that just generates a POF letter as a free service. It works in some cases but savvy brokers are aware when it's just that. We provide conditional loan approvals but only when a 1003 and recent credit is submitted. When it's from a legitimate lender and not a generic letter from a site that provides the service, it carries more weight when submitting your offers or getting extensions to purchase contracts.

1 Vote

Originally posted by @Donald Hodge:

Do you lend in Hawaii with this product?

Hi Donald. We've communicated on this topic previously. You have the 4-unit and 9-unit. I believe one property is in IN. You responded to an email I sent regarding options.

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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

Appraisal costs will be covered through May 31st.

**FREE Appraisal promotion ends tomorrow but the loan product will remain.

0 Votes

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

Appraisal costs will be covered through May 31st.

**FREE Appraisal promotion ends tomorrow but the loan product will remain.

0 Votes

Originally posted by @Wendy Gomez:

Hi all has anyone had any experience with a company called gocapwest.com or vistolending.com.

I have been trying to refinance three properties that I own free and clear but I have had no success because I have tried with two small banks and they deny me due to a judgment on my credit. the judgment was settled but its still on my credit for 5 years now. Anyone with any information on these two sites or any other lender please send the info my way. Much appreciated.

thank you

Wendy, take a look at this post I put up yesterday. I believe it should work for you depending on your numbers. If it does, feel free to connect and shoot me a PM...

https://www.biggerpockets.com/forums/517/topics/448033-no-fico-no-income-verification-loans---free-appraisals-for-may

0 Votes

Originally posted by @Kellen Driscoll:

Hey BP,

I am looking to start an LLC with my father as a Co-Owner in order to purchase a 4-plex with hard money. My question is will this require me to file a corporate tax return due to having a co-owner? Also will I have trouble refinancing out of the hard money loan if I use this strategy?

Thanks!

Refinancing should be fairly easy, taking a few things into consideration, namely FICO score. Banks will only have full doc lending options. But there are "soft" money options as well, if for some reason you cannot qualify for bank financing. "Soft" money falls in between conventional and hard money terms. Interest rates are not as high as hard money but not as low as conventional rates. Feel free to shoot me a PM or an email if you have additional questions.

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Originally posted by @Alex Hamilton:

Copeland, please send information on Application Process to [email protected]

Just sent, Alex.

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All Forum Posts by: Copelon Kirklin

Copelon Kirklin has started 45 posts and replied 172 times.

Post: Hard Money/Private Money Pre-Approval

Post: Refinance property in US?

Post: After the Hard Money

Post: Hard Money/Private Money Pre-Approval

Post: No FICO, No Income Loans - FREE Appraisals for May - 1 Day Left!!

Post: No FICO, No Income Loans - FREE Appraisals for May - 1 Day Left!!

Post: No FICO, No Income Loans - FREE Appraisals for May - 1 Day Left!!

Post: REFINANCING, LOAN, PERSONAL LOAN

Post: Co-owner LLCs - Hard money deal

Post: No FICO, No Income Verification Loans - FREE Appraisals for May!!