All Forum Posts by: Deborah Wodell

Hi Dwight! Funding for mobile homes and abandoned parks can be tricky, but there are definitely lenders out there who specialize in these types of properties. For mobile homes, it often depends on whether the property is considered real estate (attached to land) or personal property (if it’s not). For abandoned parks with infrastructure, some lenders may consider them as long as there’s a plan for the rehab and the infrastructure is in good condition or can be repaired. It’s all about finding the right lender with the experience in these types of unique deals.I sent you a message!

Hey Mary! I’ve seen a lot of investors compare hard money lending to traditional commercial financing, and one big difference is flexibility. Hard money lenders are often more willing to take on higher-risk projects and offer faster closings, but the trade-off can be higher interest rates and shorter terms. If you’re working on a time-sensitive flip or renovation, hard money could be ideal. On the flip side, traditional financing typically offers better rates and longer terms but can take longer to close, and you’ll likely need stronger financials.

If you're trying to balance speed with cost-efficiency, it's worth considering your project's needs and how quickly you need to get funding. If you're working on a long-term hold, DSCR loans or other commercial loans may be better for you.

It sounds like you've been through a challenging process, but it's great that you're continuing to build your portfolio! For your refinancing needs, there are definitely lenders out there who specialize in DSCR loans for investors. It's all about finding the right fit for you and your long-term goals.

Hi Donyea,

Great question! For DSCR loans, the property doesn't have to be "turnkey." It can still qualify if it's a fixer-upper, as long as the rental income from the property can cover the debt service. However, some lenders may have requirements regarding the property's condition or completion status.

HML's only takes 1st! Better to have your own cash ready or a partner who can bring in cash. If not, you have the option to do an unsecured loan.

Hi! 

I’ve been receiving inquiries for gap funding and would like to connect with a few reliable gap funders that I can refer my clients to. If you're interested in being a part of my network, please reach out!

Thanks!

Can help you with this! 

Hi Kamal,

It seems like you're navigating a common situation when it comes to house hacking and DSCR loans. As you've likely heard, DSCR loans are strictly for non-owner-occupied properties. So, if you're planning to live in any part of the property, these loans wouldn't be an option.

However, if you're considering a multi-unit property (like a duplex, triplex, or fourplex), there's an interesting workaround. While DSCR loans won't cover owner occupancy, they will allow you to use rental income from the non-owner-occupied units to qualify for the loan. You just can't live in the units you intend to finance with a DSCR loan.

If house hacking is a priority, I’d recommend considering other financing options, like conventional loans, which can support owner-occupancy in the right circumstances.

I sent a message! 

What's the problem with the appraisal?