All Forum Posts by: Erik Estrada

Depends on the bank, but usually it’s a full doc loan 

Compra, renueva y alquila/vende propiedades no ocupadas por el propietario con 1 a 4 unidades

• Préstamos desde: $50,000 - $3,000,000
• Financiamiento de hasta:
  ◦ 100% del precio de compra
  ◦ 100% de los costos de renovación
  ◦ 75% ARLTV
• Renovaciones extensas permitidas
• Plazos de 12 a 18 meses
• Recurso total
• Extranjeros calificados

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✨ Highlights:
✅ Loan amounts from $55K – $2MM
✅ Purchase / Rate-Term Refinance up to 85% LTV
✅ Cashout Refinance up to 80% LTV

✅ Closed-End 2nd Mortgages up to 80% CLTV
✅ No limits to cash in hand
✅ No Minimum FICO required
✅ No Minimum DSCR required

📌 Eligible Property Types:
1–4 Unit Single Family Rentals, Manufactured Homes, Condos, PUDs, Condotels

 Hi Ronel, 

Is there any structure on the lot? Or are you simply looking for a land loan?

Is the value mostly from the land? It's possible but expect 65-70% LTV max on the purchase and depending on the ARV value, you might be able to finance 100% of the rehab costs

Hey Ed, 

Most lenders can do up to 90% of the initial purchase price and 100% of the rehab cost with experience and credit. Lenders generally want to see 5 exits completed to qualify for these aggressive terms. A few can do higher leverage with lower experience (1-2) however you will need to have a high FICO (usually 740 or better) and it will need to be a light rehab. 

On a Ground-up loan, lenders generally want to see more skin in the game. Expect 25-30% down with reserves for construction costs. Additionally most lenders want to see similar construction experience. There are some ways around this if you have flipping experience with similar budgets. 

Lenders charge anywhere from 1-4pts on these types of loans. The points will depend on your deal size and experience level. You will usually get better terms with more experience. Think of it as dating. Yes you'll have the few that will promise you good terms but then leave you hanging once you go to dinner. You generally want to optimize your experience and credit to get favorable financing. 

Most lenders generally cap the LTV to 70% on Manufactured Homes. Most loans are 30 year fixed and rates can be anywhere from 6.25-8% depending on LTV, PPP, Location, and credit.

 Private money is a bit of a grey area. Some lenders follow a traditional method, and could lock in your rate on a long term loan, however there are many that will honor terms based on the actual factual data gathered. 

I see this common, especially in hard money loans where borrowers overestimate ARV values and their budget is very low for the amount of work required to fully rehab the place. Then when a borrower receives a lower appraisal or virtual opinion of value, they are surprised the loan terms have changed. This rarely happens with experienced flippers. I see this happen with first timers.

Compra o refinancia propiedades de alquiler no ocupadas por el propietario con 1 a 4 unidades
Tipos de Propiedades: 1-4 Unidades, Casas Prefabricadas, Condominios, PUDs, Condoteles

• Préstamos desde $55,000 hasta $2,000,000
• Compra / Refinanceo de Tasa y Plazo: hasta 85% LTV / 80% LTV
• Refinanceo con Retiro de Efectivo: hasta 80% LTV
• Sin límite en el efectivo disponible
• Sin puntaje FICO mínimo
• Sin requisito mínimo de DSCR

Erik Estrada, Agente de Bienes Raíces
📞 TELÉFONO: 818-269-7983
📧 CORREO: [email protected]
🌐 SITIO WEB: www.luxeprivateinvestmentsllc.com
DRE: 02161719 NMLS: 2289340

LUXEPRIVATE INVESTMENTS LLC

Hey BP! 

I have been seeing a lot of fall out deals lately. Most of which are due to the following horrible practices lenders will do to get a loan in.. 

1. Not locking in any terms and hitting you with a much different rate and fees at closing. 

2. Saying they can do a loan they are 50/50 about... 

3. Failing to meet critical contingency deadlines 

4. Floating the rate to collect a higher spread at closing 

5. Dragging the process for 45 days+ and saying "they are close to closing" 

6. Collecting a deposit and not being able to refund you if the loan terms changed significantly... 

Be careful with who you end up working with. There are a lot of desperate lenders out there that will tell you anything to get a deal in, and go ghost when it does not work out..