All Forum Posts by: Doran Summers

Hey Jeff, I can introduce you to my client who invest in the Houston area. He knows the market very well and he mentor a small group.

Ted, could you tell me more about the property? Are they turnkey or do they need Rehab? What’s the value of the property?

As most said lima has better terms but is a long process and difficult to close. If you Refi make sure it’s been rented for 60 Days verified via payments. If not the terms may change drastically. I had a client with 750 credit score who Refi 7 free and clear Properties. First they quoted him at 75% ltv. Because most of the properties wasn’t already rented and the dscr was under 1.3 it changed to 68% ltv. When I spoke with Colonial the property has to be stable. Rates are a little higher around 6.5% for 5/1 arm. Not sure if you open to other options but there’s some lenders who offer a 30 yr fixed (20 to 30) yrs at 80% ltv and 6.75. Of course you need good credit score etc.

William Haltom I’ll be interested in reviewing this as well. Send me a message and I’ll let you know what we will need for review.

@Matt Harris send me a pm

Mary Ann Shlim there’s a few lenders who can loan in IL at around 8 to 10% and 2 points.

Yes, look into using hard money. May be higher rates but could be more flexible on underwriting.

@walter when you say lender maxed out of $100,000 was it a private individual? How much of a line of credit are you looking for?

@Corbin how much are you looking for and what’s the use of funds?

What issues are you having with local banks for LOC?