All Forum Posts by: Dan Gamache

@Jay Hinrichs Thank you. I used to work with one of the bigger lenders in the commercial/business purpose, and am now looking at potentially brokering. I have my federal NMLS license and a few states I've gotten licensed. It's very difficult to interpret the licensing regulations in each state for non-owner loans on 1-4 units that close in LLC.

@Jay Hinrichs Good information Jay. Using your example of Civic, do you know if the individual loan originators need NMLS license in CA, or is it sufficient that that company is Licensed and that covers the LO's?

@Ethan Kramer If you are going with/qualify for a full documentation loan then these costs seem to high. If you are going with a commercial/private lender that doesn't require income documentation etc, than this pricing is not too out of line. In fact getting 5% rate at 80 LTV is really good. A lot of these lenders are setting aside 3-6 monthly payments at closing, so check to see if that is the case because that is not closing costs & you wouldn't have a payment for 3-6 months.

@Jason Nguyen The Nationwide commercial/private lenders will allow cash-out refi on investment property generally up to 70LTV. Rates will be slightly higher than banks and property will have to be in LLC (or similiar entity).

@Jeremiah Helg Does the property need rehab? If it will appraise for at least 75K after rehab it is doable.

@Grayson Muehlstein primarily because banks are not in the rehab/flipping business. If they lend on distressed property and have to foreclose they are stuck with a property they may not be able to get rid of. Most people will do a fix n flip loan and then refi into bank financing when rehab work is complete.

@David Kerner I would stay away from the loan you need to refi every 5 years. As we've seen with covid, anything can happen. What happens if property values take a big hit or interest rates are hiked. Biggest concern would be if loan is due and you can't refinance for some reason (property value, loss of income, etc) you risk losing property to foreclosure. I know alot of investors who got loans pre-covid and wouldn't be able to refi now due to guideline changes.

@Sebastian Chaco what type of deal are you looking to do? If a flip what is Purchase price? Rehab amount? After Repair Value? This is info needed to see if any lenders I work with would fund the deal.

Contact me for any of your investment property financing needs. Offering 30 year terms on purchase or cash-out refinance of 1-4 units. No income documention required, approval is based on cash flow of property. Bridge loans available on MultiFamily (5+ units) for stabilized or value-add properties. Also offering bridge loans for flips or short term deals.

Use my experience as an investor and lender to help determine the best financing solution for your situation.

In my opinion you will have issue refinancing due to 1 property being on multiple lots. The other issue is being able to refi right after the purchase. Most lenders will require ownership of 6 mo - 1 year to be able to use the appraised value. For the first 6 months most lenders will use the purchase price for value and most are max 65% for cash out refi.