All Forum Posts by: Greg Pekaar

Thank you for the replies. Just to clarify, I'm specifically looking to refinance now with a DSCR loan. At this time I'm not looking for alternate ideas on how to finance this. This is a need right now, not after building a relationship with a bank or credit union over time. Those are great ideas for down the road on other deals.

I have previously spoken to about 30 local banks about financing something like this and for various reasons that will not work.

Thanks @David Bilandzija I'm not sure if I'm just not talking to the right lenders, but so far of the probably dozen or more DSCR lenders I've spoken to and a few that a mortgage broker I know has contacted, none have been willing to do anything. Minimum loan limits I've been told are $250k - $500k. Other reason quoted is that the city is in a "rural" area which some define as either less than 35k or 50k people.

I'm having a hard time finding a lender for a cash out refi for a 5 unit property I have owned for 3 years. It is located in upstate NY 14456 and I had a broker's value done which came back at $236k. Most lenders I talk to don't want to lend on anything under $400k fir a 5+ unit rental property. Any resources or referrals would be appreciated.

I have a deal in which a relative of a friend has a small house in rough shape that they would like to give away. It needs extensive work and they don't have the time or knowledge to deal with it. They are willing to transfer(sell) the property to me for $1. They basically don't want to or can't afford to pay taxes on the property anymore and don't want to be bothered selling it otherwise. There is no mortgage or liens as far as the seller knows. Taxes are current till Q1 2019 as per town.

I've only ever bought properties that were foreclosures, listed on MLS and had realtors, lawyers and title companies involved in the closing. All that is customary in Northern NJ where this is. I will have a title search done to verify clear title.

My question is, is there any reason to involve a lawyer? The seller will not have one. Can I just hire a title company to handle the transfer? I think technically anyone, even me, could fill out and file the deed with the county clerk but probably makes sense to involve a title company in the closing.

I will after closing be taking out a HML on the property for renovations so there will likely be another title search done, etc.

Yeah, thats what I thought too, but I'm being told otherwise. Talked to 4 mortgage brokers and all had same response. Best was 75% of purchase price. It was a cheap house, $26k so 75% ($19.5k) isn't much of a refi. It would cost a lot to get that little bit of money out.

I'm buying a single family house in NJ cash. Closing next week. Lenders that i've talked to so far are telling me that I'd have to wait 6 month for refi with full 75% LTV based on appraisal, which makes sense.

They are also telling me that before 6 months, taking advantage of delayed financing rules I can take out up to 75% of purchase price. 

As far as i had read and heard online and in the forums, i was expecting to be able to get 100% of purchase price+closing costs via. refinance.

Is this only possible after the 6 months?

 Anthony Cagno at Prospect Mortgage - Fairfield, NJ (862) 268-0465

FHA 203K and Fannie Mae Homestyle - Very knowledgeable - Always available