All Forum Posts by: David N.

Hi Shelby,

I can probably help with financing if needed.

Best,

Dave

I think those terms are very reasonable for a newbie investor. Most lenders would not fund 100% acquisition and 80% rehab for a first time flipper. Congrats on your first flip.

Best,

Dave

• Property Types: Residential 1-4 Units
• Term: 30 year Fixed or ARMs
• Rates: As low as 6.49%
• Purchase or Rate & Term Refi: Up to 85% LTV
• Cash Out Refi: Up to 75% LTV
• Occupancy: Non-Owner Occupied
• Prepayment: 3 year (3%-2%-1%)
• Seasoning Requirements: Call for details
• DSCR Requirement: 1.0x
• Appraisal Required: Yes
• Loans Amount:Up to $1.5 Million
• FICO Score: 620 minimum

REQUIRED DOCS
• Complete Application
• Lease Agreement (if applicable)
• 2 Months Bank Statements (purchase or rate & term refi)
• Copy of Driver’s License or State ID

If you own or want to acquire a large portfolio of 1-4 unit residential property. We have extensive experience financing large portfolios. We'd love to hear from you!

Low Doc Long Term Rental Loans for Purchase or Refinance

• 85% LTV on purchase or rate & term refinance
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If you are looking to acquire or refinance a large portfolio. We'd love to hear from you!

Dave Nunez

312-628-1162

[email protected]

LONG TERM RENTAL LOANS

If you own or want to acquire a large portfolio of 1-4 unit residential property. We have extensive experience financing large portfolios. We'd love to hear from you!

David Nunez

312-628-1162

[email protected]

Hi Ahmad, 

It's going to depend on the lender. These are portfolio loans so each lender will have their own criteria and guidelines. I would begin your search with a community banks. 

I don't want to advertise for other lenders, but here in Chicago the community bank I'm referring to has 150 locations. So... Community banks come in all shapes and sizes. 

Again, there are also institutional private money lenders who offer the same services. You can't be afraid of institutional private money as a source of financing. My employer happens to be one of these, and they offer similar programs with similar terms as the local community bank. So when you are done looking at community banks, take a peak at institutional private money lenders as a viable option too. 

I hope this helps.

Best,

Dave 

I'm not familiar with FL local lenders, but here in IL there are a few conventional lenders who offer the fix and flip credit lines for experienced investors and newbies. You don't need to be a millionaire or have 20 flips of experience to qualify. Obviously, institutional private money lenders such as my employer also offer the lines to both experienced and newbies and you don't need a ton of capital or experience to start. 

Best, 

Sure... Most banks will have their own name for the product, and not all banks offer them, but if you refer to it as a fix and flip credit line, they will know what you want. 

Good luck,

Dave

The credit line is a good idea for future projects. You can leverage your own capital up to 5 times in most cases -meaning if you have $100k in liquid assets. You can get approved for a credit line of up to $500k. 

The fix and flip credit line doesn't work like a HELOC. The lender controls the draws, but assuming good credit. You can borrow 90% of the as-is purchase price (LTC), and therefore you only need 10% of your own capital down to purchase the asset.

And most lenders will fund 100% of the renovation, but typically on a reimbursement basis -meaning you complete the work up to a certain percentage. The lender inspects the property to confirm then wires the funds to your account. The total loan of acquisition (LTC), and rehab budget typically can't exceed 70% after repair value (ARV).

You can expect to pay 2% points per deal, but your capital is not tied up in the project, and you have more buying power. You can get into bigger projects or more projects by leveraging your capital -don't get hung up on the points. Think big picture. If the line allows you to do more projects or bigger projects your bottom line will be bigger even if you are paying points to use the credit line. 

I wish you much more continued success. 

Sincerely,

Dave

Purchase or Cash Out Refinance!

LONG TERM RENTAL LOANS

REQUIRED DOCS

If you own or want to acquire a large portfolio of 1-4 unit residential property. We have extensive experience financing large portfolios. We'd love to hear from you!

David Nunez

312-628-1162

[email protected]