All Forum Posts by: Dylan M. Davis

Glad to see you have some experience. You need a good NYC private option that can issue a 1st position lien, take out the other lender/bank and issue rehab funds for you to draw down on. 

Yes, I would be careful about telling the seller you are a "cash-buyer" unless you truly have the cash in the bank with the intention to close with that. If not, you'd be wise to have a financing contingency in the purchase and sale agreement. Imagine you're lending your own money on a distressed property that needs renovations. You'd need to know the ARV right? How would you obtain that without doing an appraisal with a scope of work? Work with a private lender that knows what they're doing ;)

Need a good private option. Those are big shops that don't know how to close a constructive DSCR file quickly. The prime rate is 7.5%. The floor for 30 year fixed (5/1 ARM included) is about 7.25%. Would love to talk about what you're working on.. Not worried about DTI or income.

Typically lenders would like to be at 75-80% LTV on the bridge loans. Otherwise there's no money to be made (you want the truth right?) But it looks like your strategy will work. What's the reason for the quick closing? Is your seller not negotiable on the date? 10 days is quick, we'd run with you if your s*** is together..

75% is the max right now. You should vet your lenders and make sure of when they lock rates.. DSCR requirements are important as well. When did you buy the property? How much debt is owed? A good private option would be helpful to you ;)

I'd take a look and see if I can do it if the property isn't too rural... Short-term rental financing is hard to come by these days, be careful. 

This would be treated as a "delayed finance" Important to have a lender that understands your strategy. why not just go through the process and put 20-30% down @ close? Is it a time issue? 

Portfolio loans have been cut almost entirely from the market. 30 year options still available for 1-8 units. 75% LTV..

The prime rate is 7.5%. Most bridge loans float over prime for the rehab projects. Floor rates for DSCR loans are around 7.125%. Make sure they're well-capitalized and have accurate valuations of the property. Many "new" lenders or personal connections don't have the analysis tools like a private money lender that's established does to make sure the deals work..

Make sure your lender is knowledgeable and up to date on rate adjustments, buy-downs etc. they should tell you the DSCR on the property and give you a couple options. Buy-down and no. 7.125% are floor rates in the investment property space for private lenders.