All Forum Posts by: Dan Gamache

@Reginald Dulaney Companies that I call Private Lenders; Lima One Capital, CoreVest, Lending Home etc will only lend on non-owner occupied properties that are in a LLC (or similiar entity). Residential Mortgage banks/brokers that are primarily Fannie/Freddie lenders will not close in LLC. You will finds some community banks/credit unions that will allow financing in LLC, case by case basis with them.

@Alice Huang I'll send you PM, have some options for Canadians!

@Chris Conroy I would not pay cash for purchase/rehab and would instead take out a fix n flip loan which would most likely require 10% down of Total Costs (purchase price + rehab budget). Fix n Flip loan would finance purchase and give you credit line for the rehab (works on reimbursement draws as you complete work). At 90 days (if rehab is complete) you can refinance into long term rental loan with private lender. You will be paying 2 sets of closing costs (new investors will prob be minimum of $3k origination for the fix n flip & $1750 origination for the rental loan) but tying up your $ in the purchase & rehab is not the way to go in my opinion. Keep your cash on hand to possibly do multiple deals at once.

Nationwide Lender! Feel free to contact me with any Investment Property financing needs. We have programs for Fix n Flip, Buy & Hold (30 year Fixed Rates!), as well as Multi Family (5-250 units). We also do New Construction, Bridge Loans, and Mixed-Use projects.

****We now have Brrrr Financing that will start as FixnFlip and then convert to 30 year Rental Loan****

@Candace Price is the property in need of value add/rehab or are you buying it stabilized?

@Luke Kleck what is rehab $ amount & after repair value?

Private Lenders will base loan approval on cash-flow of subject property and DTI is not a factor. You will prob need 25% downpayment and rates/fees will be slightly higher than banks or fannie/freddie.

@Jason Sinclair in the Private lending world the lowest loan amount/property value I know of is 50k loan/75K property value. If it is 2 or more properties in 1 loan then minimum value per property is 60k. These are 30 year products (fixed or adjustable rate).

@Michael Duggar I'll send you PM.

@Gerardo Gutierrez Private lender will allow you to refi (using new appraised value) up to 75%LTV at 90 days of ownership, 30 year fixed or adjustable products. Approval of loan is based on cash-flow of property & credit score (no income documentation required). Rate/fees will be slightly higher than bank or Freddie/Fannie financing.