All Forum Posts by: Julie Fagan

Total value of portfolio is $5M  of these properties is probably $4.3M

Thanks for replying!   Local Bank #1  I have a 750k, 190k, 150k and 130K  on separate properties or groups of properties.  Local Bank #2  $320k, $100k $100k and 90k  on separate properties or groupings of properties.  I have a couple of LCs out there too that end in the same time span.... $220k and a $320k.   

I would appreciate your thoughts.  Julie

While interest rates are low, I would like to refi several 5 year balloon loans that come to the end of their term anywhere from 2021-2023.  I am concerned about where interest rates will be then and Real Estate Valuations.   Any suggestions on banks looking for this type of portfolio loan scenario, and willing to lock in for 20-30 years?   Any idea where interest rates are today for this scenario?  I'm currently at 5-6% on most of them and would really like to lock in at the 4% range.  This refi project includes 9 balloon loans covering 70 units/11 properties.

Did you find a buyer?

Interested!  Send info to [email protected]  financials/pics/etc!  Thanks!

Interested!  Please end financials, pics and your contact info to [email protected]

I am getting some outrageous rates.  We are at 8 units and about to get into a 9 unit apartment building.  Our policies are spread out among 3 providers so far.  Each time we take the lowest bidder as the rates seem to be all over the map.  The current owner of the 9 unit is getting rates at $35 per unit per month and I'm being quote $80 per unit per month.  Every provider acts like Rentals are taboo or an issue and high dollar.  Is there not an insurance company out there that pursues this type of work, instead of over pricing it?  

Let me know who you might use in Michigan for insurance on rentals.  Are there companies out there that will do a blanket or portfolio policy?  Are there certain limits I should be looking to maintain or lower to get a better price.  I'm ok with $1000 or $2500 dedcutibles to get very reasonable long term rates.

Thanks all - I love BP!

I have been getting the run around with Jordan, and feel like its been a waste of time.  No one ever answers a phone, and response time is horrible.  I'm starting to get that uncomfortable feeling also.

What Lenders have the best rates for Rental Properties.  Local banks and credit unions say we are over leveraged and will not consider a mortgage.  (we have 2 mortgages and 2 land contracts on 4 rentals and 2 rentals & 2 flips (waiting to be sold) that we own free and clear.

Jordan Capital, a real estate financing company, whom finances based on Rental Income & FMV will do 7.6%.

Hoping for better options.  Most will not give you a rate until they run your credit (my credit score is just under 700 & it dipped under 700 b/c of Credit Inquiries trying to find a lending partner/using new credit to fund flips).....and I do not want additional inquiries on my credit report.  

Are there Real Estate Finance companies or more progressive Banks out there offering 4-6%, or am I just being wishful.  Actual references and examples would be great.  I have a duplex and a triplex under contract that need to close in next 30 days..........I could dive into my 401k (as its not making any money anyway) but would rather find a partner in Michigan that actually understands Real Estate.