All Forum Posts by: Jason Haynes

We're looking to get into our first multi-family property in Dallas. We're looking at 8-12 unit properties, so we're not able to use our normal investment lender. Can anyone recommend someone (hopefully local to the DFW area) that might be able to help us finance this type of investment? 

@Andy Webb - I had to look that one up too. It stands for Loan-Level Price Adjustment. :)

Thanks @Chris Mason - That's helpful. Sounds like it might be worth going in with the 25% if it makes it that much cheaper. 

Thanks again Sejal - Just messaged your contact.

@Wendell Cox - Just emailed. Thanks for reaching out!

@Sejal B. - Good to know. This would be an investment property. We could definitely do 25% down, if that helps. Do you mind if I ask who has you locked at 4.6% - that seems pretty reasonable, considering it's an investment property. Thanks again!

@David Dachtera - Ah, that's good to know about the shopping window. I assume that's with investment properties as well as a personal residence? Also, I'll be sure to get the breakout. Thanks again for the quick response. 

We're looking at a SFR around $140,000 and the rate our broker is quoting is 5.5% plus $7500 closing costs. This seems pretty high, but this is our first SFR in the Dallas, TX area. We've also looked a private money, but that's coming in around 8-12%. We've got 20%+ down with excellent credit. I should also mention, this is the first broker we've spoken with (referred by our realtor). I'm learly of shopping it too much, with the risk of dinging my credit in the process. Any other ideas, or does that sound about right to anyone? Any insight would be appreciated.

Thanks everyone for the great insight. We're starting to talk to some smaller banks for see about terms. I think we might just end up increasing the budget and going conventional. All of the loans I've come across so far (for under 100K) are too expensive to make work. Thanks again!

I have a few properties that I'm interested in, which happen to be less than $80k. My current lender is telling me that they can't finance less than $80k (as an investment property) since the ratio of the fees to the amount of loan is too great. Apparently, since the crash, the government made some rules about how much lenders could charge in relation to the total loan amount. (there is some 3% rule). Has anyone had a similar issue or found some workaround? 

I'm thinking about trying to take out a higher loan (if it appraises) and then paying off a chunk after it closes.

@David - Wow, that does sound like it's working pretty well. Glad to hear there is some hope for condos. Thanks for the input :)