All Forum Posts by: Jack Mawer

A bridge loan could help you out if you are looking for quick funding for a purchase/rehab of a property or even new construction. You will typically receive funds for the transaction quite quickly. Many people pursue this type of financing for a quick turn around on a property, with the idea of the property being able to cash flow well after being rehabbed. You will see higher interest rates for these types of loans (8.5-12%) but you should ultimately have the goal of obtaining long term debt afterword's with a lower interest rate (bridge loans are only 6-12 months so you will want to look at refinancing when the property is ready to rent). Many lenders have a hard money team who can provide you with a bridge loan as well as a long-term debt team to help you refinance when necessary. I agree with Riaz here, lots of lenders in this space are not trustworthy, let me know if you want to discuss your options

80% will be difficult to find with a DSCR loan right now

Ryan, are you familiar with a DSCR loan?

Happy to help, I've got a reliable hard money lender who has completed tons of deals in ATL, just send you a PM.

John, I would recommend pursuing a cash-out refinance on your investment property, or a HELOC on your primary. Let me know if you want to look at some numbers for the refinance, happy to help

Hey Samuel! What type of loan are you looking for? 

Welcome Persephanie! Good call on an STR portfolio and good luck with you Invesment journey

Would you be taking a hard money loan to purchase/rehab the property and then convert it to an STR?

You should not have to go through the full approval process, but it depends on what type of loan you are seeking. What type of lenders have been causing you trouble getting pe approved before issuing a quote? 

Mohammed, I think a solid route would be to buy and rehab the property with a hard money loan and then refinance into permanent 30 year debt with a DSCR loan or something of the sort.