All Forum Posts by: Devin Peterson

Good afternoon, I'm looking to make contact with a lender who can help with a DSCR loan for an 11 unit property. feel free to dm me. thanks

What are top 5 lenders to consider for commercial loan in Washinton D.C. area?

Hi All

We are under contract on a 4-plex and I am shopping for Loan options. The purchase price is $415 K and we can put 20% to 25% down. Few brokers have recommended a 5 year Balloon loan but I want to explore the best option available in the market currently. 

Thanks

I’m experiencing a slight problem that I didn’t know existed until now and it may just be regional. (Mobile, Al) The two banks I tried to see what the numbers would be regarding a cash-out refinance, they only do 75% of the purchase price + construction cost and not 75% of appraised value that I’m used to.

I did try a DSCR refi, and after several paperwork being submitted, credit score ran, appraisal bought, only to have my numbers change before signing the docs for closing-so that was a dud.

My question, who do you know that’s a reputable Union or bank that’s doing at least 75% of appraised value?

I have a potentially unique, but low barrier entry opportunity in front of me, but I am struggling to put the pieces together in a way the make sense for all. 

I live in CT and I have relatives who would like to "snow bird" to Florida at some point soon. They have a house with an in-law apartment (essentially a 2-unit MFH) that needs some work. The house also happens to be right next door to a wedding hall. Seems ripe for the picking to BRRR the home. Ideally, I would STR it to either the wedding hall or seasonally, although the purpose of snow-birding is to be in CT in the summers (wedding season) and Florida for the winters. The less risky/more logical avenue seems to be to LTR one unit for more predictable cash flow and STR the other unit to create availability for my relatives when they come to visit. It's worth noting on the STR side, CT is not exactly the AirBnB capital of the world.

But my struggle is finding/pitching the value add to them? They would need cash to buy/rent seasonally in Florida, so is there a scenario where they sell the house to me, obtaining the cash they need to buy in Florida, and then rent one of the units back from me in the summers? Is that taking on too much risk? Will a bank see the same value that I do and be willing l do a DSCR loan based on LTR and STR on the same property?

Any ideas, feedback or suggestions are welcome! Fire away!

I am trying to refinance a my mixed use property in NYC, who are the best banks to accomplish this?

Recently purchased a first property with a friend - fix and slip near our personal properties. We are completing the work ourselves. Our goal is a 6month turnaround time.

House (foreclosed) was listed for $90k originally, was able to purchase and close outright for $50k cash. Goal is to put $40-50k back into the house. Great/safe first property with the major work being a new kitchen and 2 bathrooms. 

We've been discussing lending options with local banks in the area to obtain $80-90k of funding.  Most banks say this is too small of a loan or we need to own location for 6months. Is hard money lending a better route to obtain lending? Any lenders out there or other resources to obtain the funding? Thanks!

I bought a house with cash from pulling a heloc on my home, off market, unappraised (deal was a no brainer in a great part of town.) 

My original plan was to update and flip it , pay off the heloc and use the profits toward buying my first rental. However, the area it is in is high demand and rents are accordingly high. So now I’m considering keeping it and renting it. 

My question is, does the 6 month wait time on mortgaging it still apply since an appraisal wasn’t done when I purchased it? With that being the case, can’t I go ahead and get it appraised now and mortgage it if I want? Or am I missing something? 

Thanks in advance!

Hi,does all investment property refinance lenders offer 75% LTV?

thank you