All Forum Posts by: Doran Summers

@Mitchell Wyatt what you can do is speak to multiple lenders and see what terms and process they have so you can compare them before you do a deal through them. Once you get the first deal done it’s easier after because you a repeated borrower.

@Joe Franklin work on credit first. If you was to refi now the best option for you is a 12 month bridge loan which wouldn’t makes sense.

@Praveen Gudimetla what’s your credit score?

@Josh Sayre I may be able to help. Send me a message.

@Noah Garcia do you actually know your credit score? There some lenders who offer 65% ltv for 620 credit score. Idk if that’s enough equity for you to Refi.

@Martina Jedlicka send me a message. I can help.

@Eric McAvoy there are many lenders who will lend 75% of value based on the property. You will need a min of 660 credit score. It’s based on the property and you won’t need to show income verification. Rates are a 1% higher than banks though.

@Kristian Conway there are a few lenders who will allow OPM to this deal. Feel free to send a message if you need help.

@Phil might be hard to help. Should have used a lender to help with the rehab at the beginning.

@Rania Tohmah I’m assuming you looking for a bridge loan. Usually 12 month terms with no prepayment penalty. Some do have prepayment after 6 months so watch out terms. Usually depends on how many flips you completed in the past 2 years. Usually most lenders offer 80% to 90% of total loan amount up to 70% after repair value.

For example let’s say the purchase is $100,000 and repairs is $50,000 and arv is $250,000.

The max the lender can offer is $175,000.

That’s what they can offer which means you still need to bring 10 to 20% to the table.

Rates range from 6.75% (having done around 14 to 25 yearly) to 11% having done none in the past 2 years.