All Forum Posts by: Doran Summers

@Mayer M. what’s the qualifications for the local bank?

@Rob Drum blanket Loans is min of 3 properties. Min value is $60,000.

However if you have less value or more properties than total 7 I work with another lender who can finance those types of deals.

@Mayer M.thats very interesting. Is that a bank?

@Mayer M. we could go to 0-1 origination fees but rates will be .5 to .75 higher.

@Timothy Doenges go up to 70% if it’s less than 1 yr. if the borrower owned the property for a yr we can go up to 75%.

@Mayer M. closing fees are appraisal, originating fees between 2 to 4, underwriting fees $1,645, 

@Jon S. 

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@Mayer M. rates are between 6% to 8%. Min credit score of 640.

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That was very good advise.

With the arv being $90,000 it would be over most lenders after repair value. Even if they did 70% arv based on $90,000 the max they could loan is $63,000. So you would need to put down 15% to 20% of loan to cost. I’m not sure if you used BiggerPockets calculator or used another program but how much profit you would have after putting down 20%?

Most lenders won’t fund on it because of Rehab is 3x the purchase price. Is this your first deal?

You may need subprime mortgage for 80%. Credit scores usually have to be 740 and higher.