All Forum Posts by: Rob Beeman

@Matt Ruttenberg  Matt, when searching for the hard money lender (Rehab Lender), look for one that will work with inexperienced (of lesser experienced) borrowers as it seems that perhaps you are not familiar with this style of lender (lending). Not all lenders offer loans to inexperienced borrowers and not all lenders will walk an inexperienced borrower through the process step-by-step so they fully understand the loan and the process.

@Lyric Todkill Locate a commercial style lender that offers a 30 year rental loan refi product so that you can refi up to 75%LTV (loan-to-value) cash-out refinancing (or up to 80% rate & term financing) after owning it for at least 6 months (and rehabbed & rented). Loan is supplied to the LLC that owns it (or that you deed it to at the same time) and the income from the property is used as the qualifying ratios. Depending on the LTV and the guarantor(s) credit rate should be around 5%'ish.

@Lyric Todkill Locate a commercial style lender that offers a 30 year rental loan refi product so that you can refi up to 75%LTV (loan-to-value) cash-out refinancing (or up to 80% rate & term financing) after owning it for at least 6 months (and rehabbed & rented). Loan is supplied to the LLC that owns it (or that you deed it to at the same time) and the income from the property is used as the qualifying ratios. Depending on the LTV and the guarantor(s) credit rate should be around 5%'ish.

@Thomas J. We can help in TX with 30 year financing (loan supplied to the LLC - stays off personal credit) on 1-4 unit properties, title seasoned for 6 months with min. loan of $75K and max loan of $2MM. Offering up to 75%LTV cash-out refi or up to 80% rate & term refi. Ned 660+ FICO of guarantor(s). Email: [email protected]

Could you use $2.5MM to add to your current funds for purchase & rehab of 1-4 unit properties? 

If so, we have it waiting for you.

Easy to qualify (Minimum liquidity is $35K, minimum credit is 625 for experienced OR 680 for little or no experience).

Two ways to apply:

1.) This link: https://dlplending.com/resourc...

Select "Robert Beeman" as the Funding Specialist working with during the application process.

2.) Email to [email protected] to get the link to apply.

Why let the lack of all the money needed stop you from growing your business? Use our funds and scale to the next level!

@Lucas Taylor Typically if the loan is a rate & term (paying off existing liens and the cash leaving the table is less than $2K) then with a 700+ FICO of the guarantor(s) you should be able to get 80% LTV (loan to value) with NO title seasoning. If you are taking more than $2K from the table, then its a cash-out refi and 6 months title seasoning would apply. The catches: Property must be a 1-4 unit property, deeded in an entity (or transferred into one at the loan closing), the property can't have been listed for sale on the MLS within the last 6 months, the property must have rental income and meet the DSCR requirements (debt service coverage ratio) of at least 1.0 or greater. The income of the property is the source for underwriting, not the guarantor's personal income. The loan typically doesn't appear on a credit report as it is issued to an entity. Hope this helps.

@Tony C.

@D Higgs No direct experience with them, however have heard from direct borrowers that sometimes you run the risk of the lender backing out at the last minute. Might be something to keep in mind when using that platform for funding. How much are you trying to borrow?

@Dov Klitnick Secure the lender first. This way if POF (proof of funds) are needed when bidding on a property, you are covered. Also, it gives you the opportunity to do your homework on the numbers once you have their fees to calculate into your scenarios. Try to go with a local hard money (rehab style) lender if possible. Usually better rates and gives you the opportunity to establish a relationship face-to-face if possible. Good luck.

@Michael Macaluso Michael, I sent you a message directly. I can supply some guidance on how to gain 30 year financing with the loan supplied to an entity (LLC) and the income factor used is the rental income from the asset, not from you or your business.