All Forum Posts by: Dana Powell

Thank you Benjamin.  When I initially challenged that fee, Lender did say that he may be able to lower it but  first would need all the paperwork done, credit pulled, etc.  By then, I'm practically committed to him!  

Thank you Shaun. I thought so too. The lender is a friend of a friend and has an office around the corner from Property 1 so I thought a relationship could be developed. I was under the impression that asset-based financing is expensive and hard to find. My current lender wants 12 months of PITI and 43% DTIto convert from owner-occupied to investor loan, and I don't have either. I'm not sure where to find trustworthy lender, whether I should own and finance properties as an LLC vs individual with umbrella insurance, etc. But I'm going through BP forums and learning a lot! BTW, my properties are in DC.

Hi All. Newbie here and would like some advice. I have 2 rental properties both on 1-year ARMs at 5.25% amortized over 25 yrs that I need to refinance. My credit score ranges from 650-705.

Property 1

$1.7 million value
$1.208 mill mortgage
$9800/month rental income

Property 2
$800K value
$277K mortgage
$3600/month rental income

My goal is to take cash out of Property 2 to reduce the principle of Property 1. My only income is the rent and about $25k in consulting work.
A local originator has quoted me the following for a no-doc loan:
Closing costs per property:

3% Origination fee (he said he may reduce this since I'm refi 2 loans)
$750 legal doc fee
$2950 servicing fee

Starting Rate on a 30 yr fixed with interest only 1st 5 yrs:

Hi All.  Newbie here and would like some advice.  I have 2 rental properties both on 1-year ARMs at 5.25% amortized over 25 yrs that I need to refinance. My credit score ranges from 650-705. 

Property 1 

$1.7 million value
$1.208 mill mortgage
$9800/month rental income

Property 2  
$800K value
$277K mortgage
$3600/month rental income 

My goal is to take cash out of Property 2 to reduce the principle of Property 1.  My only income is the rent and about $25k in consulting work.
A local originator has quoted me the following for a no-doc loan:
Closing costs per property:

3% Origination fee (he said he may reduce this since I'm refi 2 loans)
$750 legal doc fee
$2950 servicing fee

Starting Rate on a 30 yr fixed with interest only 1st 5 yrs:

Adjustments: