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All Forum Posts by: Dallas Sauer

Dallas Sauer has started 8 posts and replied 74 times.

Post: Cash out Refinance using DSCR loan without seasoning period

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50
Quote from @Ola Owoyemi:

Any lender offering cash out refi using DSCR loan without seasoning period. The rental property is in MD.


 Cash out after 90 days. Before that only rate and term.

Post: Dscr Loans And Prepayment Penalty

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50
Quote from @Stephen Johnson:
Quote from @Derek Brickley:

Hey Megha!  As others have mentioned it is a trade off.  In the current market we are doing majority with no prepayment penalties since there may be an opportunity to refinance if/when rates comes down.  But also weigh the alternative of how costly the prepayment penalty is.  We are handling one now where the prepayment penalty will be $750, and it was a nobrainer since he is getting better terms.  

Does the prepayment have to be determined before the lender locks in a rate, or is this something that can be negotiated afterwards. Thank you, Stephen 

 Typically you will lock that in with your lender while confirming terms. They should be able to show you multiple options with the different prepayment penalties. 

Post: DSCR Purchase & Cash Out Refi after 90 days! 30 year loans

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50
Quote from @Rebecca Knox:

Hi Dallas. What is your loan minimum? 


75,000 for DSCR 50,000 for Fix & Flips

Post: DSCR Purchase & Cash Out Refi after 90 days! 30 year loans

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50

Hi All,

I am a Direct Lender as well as a Mortgage Broker in Arizona. My group and I are expanding our Hard Money lending Nationwide.

We are offering 30 year fixed DSCR cash out refinances with 90 day seasoning! We can offer you a quote within 30 minutes of answering a few questions on your property without providing all your documentation.

The property does not have to be rented to qualify.

Loan amount based on the income of the property. Rates starting in the 6's based on Credit and experience.

DM or email me to get started! [email protected]

Keywords:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, AK, AL, AR, AS, AZ, CA, CO, CT, DC, DE, FL, GA, GU, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MP, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UM, UT, VA, VI, VT, WA, WI, WV, WY, Fix & Flip, Hard Money, Broker, Realtor, Wholesaler, Contractor, Lending, DSCR, Cash out, Refi, Refinance, BRRR, Mortgage

Post: 2024 Lets work together!

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50
Quote from @Elise Bickel Tauber:

Hi Dallas. Can you tell me anything more about what your approval requirements are for these projects? My team and I work with a lot of investors and they always ask me about income verification, credit score, etc.

Thanks!


 We check background and credit and require an loe for any derogatory marks. Credit of at least 630 on flips 660 on rental loans. No income verification. Past experience is used to qualify the down payment needed. Appraisals typically required. 

Post: 2024 Lets work together!

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50

Hi All,

I am a Direct Lender as well as a Mortgage Broker in Arizona. My group and I are expanding our Hard Money lending Nationwide and have the capacity to fund over 500 Million in the next year. We are hoping to fund the first 100M before the end of the year. We are looking for brokers, referral partners, and investors who are looking for terms for themselves and their clients. Quick Quotes with minimum information. 5-14 days closes available. No fees other than Appraisal are paid before closing.

We fund Fix & Flip, Bridge, New Builds, DSCR with only 90 days seasoning required for cash out. 1-4 units, 5+, Mixed use, etc.

Reach out today and we can discuss more!

Keywords:

Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minor Outlying Islands, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, U.S. Virgin Islands, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, AK, AL, AR, AS, AZ, CA, CO, CT, DC, DE, FL, GA, GU, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MP, MS, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, PR, RI, SC, TN, TX, UM, VA, VI, VT, WA, WI, WV, WY, Fix & Flip, Hard Money, Broker, Realtor, Wholesaler, Contractor, Lending

Post: Dscr Loans And Prepayment Penalty

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50
Quote from @Megha Mathur:

Hello all, 

We are looking to use the DSCR loans for buying our investment property. We were told about the prepayment penalty...now I do have a general understanding of what the prepayment penalty is...are there any lenders that offer these types of loans without the penalty? What kind of terms would I be looking at, let's say for a $350K property? We are looking in Texas.

Would appreciate any and all help in helping me get a clearer picture on this...thank you! 


 It really depends on your overall needs. Our best rates will be with a 5-4-3-2-1 prepay. That being said, we have a prepay of 1% in year 1 and nothing after that. The rate is higher than with the standard prepay but if you are still looking to be at rental rates but have the option to sell within a year or so it is a great option.

Post: Lender Search for refinance

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50

Is it a true 8 unit? one parcel?

How are the numbers? Commercial DSCR typically factors in extra expenses, reserves, property management, etc.

Post: Im looking for a DSCR loan to refi cash out 70% LTV

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50

You could pay down the rate to get to 7% but would be better off in the mid 7s where rates are today. This will include a prepay penalty typically 5-4-3-2-1 or 3-2-1 sometimes 1-0-0 but rate reflects the lower prepay. You could also bridge both properties if you would rather not have the prepay but rates are around 11 for that. How long do you want to hold the properties? 

Post: Fix and Flip loan with Rehab 100% question

Dallas Sauer
Posted
  • Lender
  • Phoenix Arizona
  • Posts 89
  • Votes 50
Quote from @Scott E.:
Quote from @Hyeseong Park:
Quote from @Erik Estrada:

Yes the broker is right. The rehab funds are held in an escrow account and you may request draws once the work is completed and inspected. You could request it all at once if you choose to set it up that way. 

I have a few clients that pay their workers once they finish a section of the project, however they are licensed GCs. 

Thanks for letting me know! So whenever investors flip their house, they most likely need down payment for houses + rehab price in their pockets, correct? No any lenders provide rehab price upfront?

You will need to have some "float" money in your account to cover paying your general contractor or paying for materials while you wait for draws to be reimbursed.

Once you get really experienced you can get into a groove where the GC does the work, asks for $, then you ask your lender, then as soon as your lender funds you can pay your GC. That's how most of my draws work nowadays. But this is much easier said than done.


 This is the correct answer. typically you would work out a schedule with your contractor. Say 5k up front or whatever is necessary. Then once work is completed, you can take your first draw to reimburse that 5k. rinse and repeat until the project is completed.