All Forum Posts by: Jeffrey Garcia
Jeffrey Garcia has started 0 posts and replied 5 times.
Post: My lender no longer offers the products I need
- Lender
- Westlake Village
- Posts 8
- Votes 3
Hi Bruno,
Being that I am in this niche part of the market I wouldn't expect stated income or commercial lending to come back anytime soon. Lenders are not going to lend stated income when the unemployment rate is skyrocketing and landlords or tenants are not paying their mortgages/rents right now.
Post: Converted SFH to MFH Financing
- Lender
- Westlake Village
- Posts 8
- Votes 3
Yes, but you have to make sure each unit now has a Certificate of Occupancy to go along with the zoning and that all public records are up to date with how many units are on each property.
Post: Out of state BRRRR refi
- Lender
- Westlake Village
- Posts 8
- Votes 3
Yes, Texas is the only state that has specific cash-out rules and usually it is only one cash-out per property in Texas.
Post: Corporate Distributions & Your DSCR Calculation
- Lender
- Westlake Village
- Posts 8
- Votes 3
The best way to calculate is to take your Gross Income and take 25% away for maintenance and 5% away for vacancy to get you DSCR.
Post: Advice for Lender - are they "messing with me?"
- Lender
- Westlake Village
- Posts 8
- Votes 3
From the wording that I saw on the response your received was putting you on a Business Purpose "Investment Property Loan" which is a very specific type of loan. You need to go to a Mortgage Broker and have them look up Conventional Loan Program rates on 30yr Fixed. They are offered all over the country and I guarantee that you should be able to find one.