All Forum Posts by: Kay Kim

@Kay Kim I have worked with Marco a few times and can say he is legit and has no intention of doing anything unethical. I am guessing his hands are tied as Norada is simply the marketing company and I am guessing no operational control of Wagner. If there are delays, it would be on Wangers part, not Norada. That said, he should give you updates whether they are not what you expect. Like Jay said, often, new construction does not go as planned. My commercial building in Knoxville is going to come in 3 months late and to me, I feel that is early.

Hi Kay Kim, 

We are in contract on a townhome in Palm Bay with Wagner, closing is delayed till Oct and I just asked for an update on it. Wagner was recommended by my cousin who purchased a few properties with them and he's happy with the process. I know a few more people who's purchasing with him, from what I hear, every single closing was delayed due to supply shortages or other reason. 

Hi @Kay Kim, Curious to know if you have any updates. Have they started building yet? 

 Kay, you can get what they call a single close. A lot of lenders do it where they do a construction loan and then turn it into a long term after you're done in 1 close. I have yet to do one but i do know they exist. I have spoken to a few folks who have done that

@Chris Seveney Thanks for the tag.

@Kay Kim Yes, you can get a construction loan, it depends on the specifics of the transaction. You don't want to indicate that its a 2nd home loan for the construction and then refi into an investment loan. We would do the construction and end loan, so I will cause a lot of issues with underwriting and you can potentially get in trouble for misstating on the initial construction loan. LTV on a 2nd home construction is not going to be any lower than an investment loan.

Keep in mind that you will have to qualify for the construction loan, even if it is an investment construction, without any rental income.

Hope this is helpful.

What type of construction are you looking at? 

New development or renovation? How are you funding the construction? If you are doing a value add, you can refinance into a regular investment loan which wouldn't need you to look for a "loophole"

If you are trying to get the lowest possible rates, you are probably a little late. But you can buy down you rates if you like. 

Kay, you can definitely start with a construction/bridge loan and then convert to a rate-term or cash-out refinance with better terms and long-term debt. 

What type of construction are you looking at? 

New development or renovation? How are you funding the construction? If you are doing a value add, you can refinance into a regular investment loan which wouldn't need you to look for a "loophole"

If you are trying to get the lowest possible rates, you are probably a little late. But you can buy down you rates if you like. 

@Kay Kim

Talk to @Upen Patel - I believe they have a program where it may be a construction then a permanent (two closings). 

@Chris Seveney, Thanks for the referral.