All Forum Posts by: Copelon Kirklin
Copelon Kirklin has started 45 posts and replied 172 times.
Post: High Leverage Fix & Flip Loans - 90% LTC
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Devon Garbus:
Please contact me about 90% LTC loans for my clients.
Thanks!
Let me have your best contact number and I'll give you a call tomorrow.
Post: High Leverage Fix & Flip Loans - 90% LTC
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Ramon Jenkins:
WI is covered for the 80% LTC, up to 65% ARV.
Post: High Leverage Fix & Flip Loans - 90% LTC
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Scott Zeiger:
Any lenders for the NE Ohio area?
I have an 80% LTC product that covers OH.
Post: Looking for Portfolio Lender
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Forgot to ask, is this OO or NOO?
Post: High Leverage Fix & Flip Loans - 90% LTC
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
The LTC on a typical hard money loan may range anywhere from 65-75%. I know because I arrange financing for these as well. But there's not a large group of hard money lenders waving a 90% LTC flag. Well here's one of the few. It's not nationwide but does cover some pretty good markets. Take a look at the highlights below, Rehabbers...
- No Doc - Stated Income
- 12.99% Interest Rate
- 5.9 Pts.
- 2-Yr Term
- 90% LTC
- Up to 75% ARV
- No Prepay
- $60,000 Min. Loan Amount
- 550 FICO Min.
- Title MUST Be Held in Company or Trust
- 7-10 Days
- SFR 1-4 Units, NOO
- Available in: FL, GA, IN, NC, TN, TX, & VA (KY, SC & WV coming soon)
Post: Looking for Portfolio Lender
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Are you looking for conventional terms and rates specifically? Because if you're open to it, I can provide you with private money options.
Post: FUNDING FELL THROUGH LOOKING FOR A PARTNER OR BUYER IN LOUISIANA
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Ramon Jenkins:
What the closing cost for the above loan mention?
Will there be any points for the above mention loan?
Do you charge an appraisals fee?
What the per draw fees for renovation?
Length of potential above loan: 6 or 12 month term?
Could she convert from hard money to buy hold loan?
1. 2-5% of the purchase price is usually a typical barometer.
2. 4-5 points depending on property's location
3. Appraisals are invoiced by and paid to the 3rd party appraiser.
4. $150 per draw, which goes to the contractor, not the lender
5. 13 months - no prepay
6. She can refinance anytime - no issues there.
Post: FUNDING FELL THROUGH LOOKING FOR A PARTNER OR BUYER IN LOUISIANA
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
It's definitely a doable loan amount. However, there's a down payment required, other than 3rd party and closing costs. I can arrange hard money for 80% LTC up to 65% ARV. The min loan amount is $25K. 80% of your numbers above is $26K. So borrower would have to bring $6,500 as a down payment, plus closing costs. If that's any interest to you, contact me privately and we can go into more details.
Post: Fix & Flip Loans - 90% LTC
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Account Closed:
WOW 19% (plus im sure lender junk fees) and title fees to hold for 1 year... OUCH
@Account Closed we lend in DC 80% of purchase and 80% repairs up to 65% ARV, 12% and 4 points, NO JUNK FEES EVER, points are paid on the back end.
No junk fees Ken. If it takes a year for them to flip, they're probably in the wrong business. But thanks for raining a little on the post while offering your product.
Post: Fix & Flip Loans - 90% LTC
- Specialist
- Kenner, LA
- Posts 289
- Votes 31
Originally posted by @Account Closed:
Hello @Copelon Kirklin
Is the 90%LTC on the property purchase amount or the entire Loan ie.. purchase + rehab funds?
Will this program do DC?
LTC (Loan To Cost) refers to purchase and repair costs. So this would be 90% of both, up to 75% ARV.
Not available in DC, only the states listed.