All Forum Posts by: Erik Estrada

 Happy to connect 

What is it that they offer?

Have you secured financing yet? I would start there and then contact a realtor 

The property must be rent ready to use a DSCR loan for financing. If your goal is to rehab the property to increase the ARV, it may be more beneficial to close on it with cash or hard money and then do a Cash Out refi with a DSCR once the property is turnkey ready.

Highlights: 

1. Minimum Loan Amount $75k 

2. Reduced PPP options available 

3. Section 8 and STRs are OK 

4. Minimum FICO 680 

5. DSCR 1.00 Minimum

6. Interest-Only Available 

7. No Seasoning on Listed Properties 

8. No Seasoning on recently purchased and rehabbed properties 

Requirements: 

1. Value is based on the lower of the listed price or appraised value 

2. FICO 680 or better 

3. Property can stay listed during the loan process 

4. Minimum Loan Amount $100k

5. Turnkey properties Only 

6. 12-24 Month Terms Available 

Requirements: 

1. 700 FICO or Better 

2. Select States Only 

3. Property Access Required 

4. Max LTARV 75% 

5. Minimum Loan Amount $150k 

Try Sharon Butler's Crash Course. She does them online. Passed my broker's exam thanks to her class 

 I don't think this is a fair judgement of what private money is or isn't. I have worked with many direct private money lenders that pool money together from other investors and create a note. I have also worked with lenders that use secured LOCs or Retirement Accounts to lend money to investors. 

2 weeks is very little time to close. It DOES happen, but it has to be a very clean deal and borrower. Nothing to do with the financing approval. 

 Happy to connect