All Forum Posts by: Erik Estrada

I am having a really hard time finding a lender that will lend on 5 doors; I am looking for a 90% or more LTC fix and flip, ideally. I have good credit and its an undervalued property. Any i have found that advertize those terms have horrendous online reviews including being unable to actually close. Anyone??

@Erik Estrada

I do own other rentals. I will discuss cross collateral loans with a couple lenders helping me figure this out.

@Issac San Miguel

Yes, I normally do conventional financing as I stick in the 1-4 unit space. I know I didn't have 25% for this particular property but was told by a lender I have used before that 15% down DSCR is an option. However, in the time we talked and offer was accepted, underwriters have since made those loans 25% down. My DTI is an issue as well so getting into DSCR to loan was hopefully going to solve both issues.

Well if I need to do 25% I will need to raise funds. I have only ever done deals solo. I guess this is an entirely different topic but how do people do that and not put people / investors on loans or titles?

Has anyone done a cross collateral loan before? There is land that I am trying to purchase and build a house on. From what I'm hearing from a couple lenders is that I will need 25% down for the land purchase which of $600K and another 25% down for construction cost of about another $600K. So all in I would be at $1.2 mil land and construction. I only have enough for 25% down on the land ($150K). I was just informed that I could cross collateralize my current residence which I have equity of about $400K so I would not need to come up with the 25% down for the construction. Does this mean that my current home and new build home would be connected in a way that would not be able to sell one with out the other down the line? Any advice on this would be great. 

timing when you refinance or take a HELOC with rates.