All Forum Posts by: Devin Peterson

Looking for a lender or investor who can do a HELOC on investment properties that have a DSCR loan. Do these exist? If so, who should I be in touch with and what should I know?

We are purchasing and rehabbing a short term rental, but need to decide whether to put in our names or in an LLC?

Heres the scenario:

Married - Husband owns 2 properties (1 long term and 1 short term) and wife owns 2 properties (1 long term and primary residence)  in each of their own names.

Husband has LLC with zero properties. Husband is also a licensed building contractor and wife is a realtor (if it matters).

We are trying to determine if it makes the most sense to put our first property that we are purchasing together into an LLC or not? We are finding conflicting information as it pertains to insurance and liability.

Looking for a direct lender to secure a $2.5M bridge loan on a commercial property conversion to a hotel. Let's connect.

Hi All,

Was hoping to tap the groups expertise on explaining/guiding me on financing options. I'm looking to by a 4-plex property outside Pittsburgh for about $220K, and am confused about lending options.

I'm 41 and have a successful career thus far in the Investment Banking space. So i have pretty sizable personal assets, along with a relative high income. Due to my personal assets, i really need to have the Loan under a newly created LLC for liability protection. I also am fine closing my purchase in cash, and refinancing shortly thereafter (or even down the road in 6-12 months).

So for my questions:

1) I've spoken with some mortgage brokers- they all seem to charge a lot of upfronts and are telling me I need to do a DSCR loan. Is that really the only option available via a mortgage broker? Are there other options i should be asking for?

2) I haven't yet reached out local banks, but seeing the quotes from brokers makes me wondering if Banks may be better? I'm fine if things get drawn out weeks/months, and would not mind building personal relationships with Banks. But I'm wondering if the LLC loan is a no-go for banks.

3) Last question- i'm seeing rates on DSCR loans in the 7.2% to 7.5% range, in addition to 1 to 2 points and they likely track 10 yr treasuries (4.26% as of today). Is a roughly 3% premium to Treasury's typical for a commercial/DSCR loan?

Many thanks for any insights & guidance.

Tim

Ok, I'm really looking for advice and curious to see what others would do in my situation. I currently own my primary residence and have about 60k in equity. Another 74k in index funds and 10k cash. I've been trying to figure out what the best way for me to get my next property should be considering that I don't want to move into it. I have access to a VA loan but I like where I'm at now and don't want to do another move right now. I've considered taking out the equity in my house, taking a loan against my investment acount or just saving up for another year to have the cash on hand. I'm curious what you all think though. Thank you in advance.

Hello everyone, I'm in search for your go to lender for new construction. I've been in construction for many years now, but this would be my first solo project.

Hi Everyone,

My name is Scott Murray, and I’m a real estate developer in South Florida. I specialize in residential developments, including townhomes, spec homes, low rise multifamily, etc.

My team is currently working on several projects in Fort Lauderdale and nearby areas, and I’m looking to bring in private/hard money lending options to finance these developments.

I’m looking for referrals for lenders who have experience working with developers in the area. Ideally, someone local who understands the market.

If theres anyone who’s worked with lenders they’d recommend I’d greatly appreciate the connection. Feel free to reach out

Hey Guys,

I'm searching for a list of lenders who provide HELOCs. Who have you used recently?

Thanks,

I have started purchasing a few investment properties and have an LLC. Everything has been cash so far but I have contacted several local banks and all of them have said about 1-2%+ above regular mortgage rates, 3-5y ARM with 15-25y term, and 20-30% down. This is before I mention having an LLC or anything. I have no debt, significant equity, good W-2, and excellent credit. I'm fine with the money down and shorter term but the higher rates and the ARM I am not a fan of in general. How are people buying multiple non owner occupied properties on fixed rate traditional 30y mortgages?