All Forum Posts by: Issac San Miguel

Apologies, I misread the original post - hard money can typically be refi'd out of after 90 days or significant repairs are complete, changing the value of the property.

Happy to discuss any project you have going on.

What rates and term? My guess is their take out declined once the file was complete.

Happy to help you with an alternate point of view.

Yes you can used delayed financing w/hard money. It is treated as a purchase by most HMLs - my question would be, why not purchase with hard money instead of putting debt on the property after?

All the same steps are taken, whether funding occurs before or after the purchase.

@Perry K.

You should easily be able to find a great DSCR lender here - 5/1 ARM w/I/O is IMO the best way to get max cash flow out of your assets.

75% is likely what you will find, rate and term can be found up to 80%.

Most hard money is going to be 6-18 months, anywhere from 9%-15% interest only for fix and flip.  

Currently, the most experienced investors are enjoying 85% LTC
Average investors are being offered anywhere from 75%-85% LTC
Beginner investors - 75%-80% LTC

Security will usually be 1st position lien against the property - few lenders allow 2nds.

A lot DSCR programs can go up to 10 doors - at least the ones that I am familiar with. How do the rents pencil against the PITIA of the properties you buy?

Agreed with @Richard Advani, A lender should be able to give you a quote without pulling your credit, when writing POF/Preapproval letters I am happy to use your stated FICO to represent you as a qualified buyer - if you are not sure about your score or misrepresent, that is on you as buyer.

I think the reason you are having a hard time is due to the type (5 unit) of project coupled with your experience level.

I'm not saying 90 LTC% is not out there as I am sure someone will offer it.

If I were you, I'd prepare for 70%-75% LTC.