All Forum Posts by: Dan Gamache

@Kimberly McCall I assume you are buying a distressed property and then refinance after rehab is complete. If so, you should be able to get 10% down of total costs (purchase price + rehab budget) pricing is usually based on experience. 7.5%-9.5% w 1-2 points for experienced investors, 10%-11.5% w 2-3 points for newer investors. Short term loan (6-13 month). The lender will finance the purchase of property and you will have a credit line for the repair budget, as you complete work you can get reimbursement draws.

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****

@Steve Hiltabiddle depends if it is a fix n flip loan or 30 year rental loan. Different guidelines for short term vs long term.

@Burdette K Tatum Jr is this for a distressed property? Do you plan on flipping property or hold onto it?

@Jeffrey De Los Santos biggest issue is the value of the property. Needs to appraise for at least 75k, how sure are you on that value?

@Jonathon Thompson You can purchase distressed property with 10% downpayment, a fix n flip loan will fund the purchase of property and give you a rehab credit line for repairs (works on reimbursement draws). Once rehab completed you can refinance out of rehab loan and into long term rental loans (need to have 90 days of ownership to use new appraised value). You can cash out up to 75% on new value and get your cash out to repeat. So I guess it all depends on price range that you are looking at to determine if the 30k is enough capital.

Anthony, if you are purchasing property that needs rehab you will be able to do less than 20%. Your original rehab loan should only be 10% down. What is the $$ amount of repairs? 

My initial thought is if purchase price is 350K and ARV is 400k then deal is to tight to make it work.

@Graham K. The biggest issue in the Private Lending space is that you are living in the home. If it was strictly an investment property you would have options. 

Nationwide private 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****

Dan Gamache

@Angelica M Garzon what is the $ amount of the rehab needed?