All Forum Posts by: Erik Estrada
Erik Estrada has started 182 posts and replied 4621 times.
Post: 100 Percent Hard Money Financing
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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Quote from @Bevin Bankston:
I'm pre-approved for a multi-family loan and recently came across an off-market property in Bellingham, MA. It's a great fit for a BRRRR strategy with strong equity potential, but it won't qualify for a traditional loan.
For those of you who have done BRRRRs, what financing methods have you used to cover both the purchase and rehab costs—ideally up to 100% hard money? I’d love to hear what’s worked best for you.
You need to show at least 5 exits completed in the last 3 years...You can also roll in the payments to the loan.
It sounds good on paper however you have to factor in that your total payoff will be very high with the increased fees and points. If you are okay with just a rate and term refinance, then I guess it can work.. For a normal flip or BRRRR, you will be very tight on the exit.
Post: DSCR Loans for Manufactured Homes (RURAL OKAY)
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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Please pm for a quick quote!
Post: DSCR Loans Starting at 6.125% and No Origination Options Available
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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Happy to connect and provide a quote
Post: Private Lending Advice
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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Quote from @Lena Scott:
Any advice for first time real estate investor using private money to purchase and renovate a single family home?
I would make sure that the lender you are working with is reputable and honest. I see too many new investors fall for the trap of bait and switch and it can be completely avoided with more homework. Don't just think about the numbers, think about the relationship, transparency, and performance.
Post: Hard Money Loan
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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Quote from @Timothy Conway:
I'm looking to purchase a house hack (primary residence) at auction. I have 800 credit score and no other major loans. Looking to find a private money lender to bridge the deal. Any advice on how to get started and find a reputable private money lender?
Most hard money lenders will not lend on primary residences. Far too many regulations protecting consumers from predatory lending.
Post: Looking for a lender that does delayed financing at 80% LTV, on $2.1 Million
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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You might run into issues with maximum cash in hand and might need 2 appraisals... Is the property vacant or leased? Longterm or Short term rents?
Post: DSCR Loans for Manufactured Homes (RURAL OKAY)
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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**Message me for more details
Post: DSCR Loans on Recently Listed Properties Available!
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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** Must be taken down from the MLS prior to submission
**No seasoning required to cash out
**Will use lower of the listed price or appraised value
Post: Cash-Out Refi Rate Check — New Hampshire Investment Duplex
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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Quote from @Raymond J. Rodrigues:
@Erik Estrada 1.5 points, no origination. Cash out.
Wow that's insane. Do you have a sample term sheet you can share? And are you guys a direct lender or broker?
Post: How is your experience with Kiavi?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
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I am curious to know how other investors and broker's experience is like with Kiavi? For me personally it's been a mixed bag lately..