All Forum Posts by: Kerry Boyle

Hello,

Looking for a new partner for finding funding? Give me a call, email, or drop a scenario on my website!

All terms below are highest/best available and may not fit every situation.

Ground Up:

Best terms in industry available. Experience is required - 5+ successful exits in the past 3 years of which at least one is ground-up construction.

DSCR:

Short-term rental loans (AirBNB) are OKAY for purchases! Based on income analysis of AirDNA or previous owners ledgers. Higher credit - better rates.

BRRRR buyers are preferred - get up to 100% of your original cash investment back in a <1 year cash-out on the rehabbed purchase!

Fix and Flip Loans:

90% purchase, 100% rehab, may be able to include payments into the loan. Up to 75% after-repaired value may be financed.

New borrowers are OK. Experience is a benefit, but a high credit score may get you great terms also!

Bridge:

Simple bridge loans available, no DSCR check, 80% purchase. 12-24 months available.

Email, Call or fill out scenario on the website!

Hello Everyone,

I am looking to broker a HML to an experienced investor in Atlanta 5 sold flips experience in past 36 months. 700+ credit.

We have a couple hang-ups:

1. Purchase price $85,000; Rehab Budget: $125,000; ARV: $290,000+.

2. Property has fire damage.

We are getting an engineering report due to the fire and expect to have it prior to close. Looking for 85% purchase 100% rehab. This is a brokered deal, so preferably direct to lender here.

He probably means 10 APR; so 10/0; 9/1; or 8/2 or better.

Just seconding @Bob S. sentiment above; you are very unlikely to get full financing on your first project. 

The fear of lenders is that you will be in over your head and walk away - leading them to significant cost and time trying to recover the property and regain their assets back. Anyone that offers you full financing on this either hasn't had this happen to them yet because they haven't funded much - or - they are up to something else nefarious.

Sounds too good to be true with that margin!

I'd be happy to take a further look.

 Unlike California, there is no requirement for private/hard money lenders to be 'certified' in Missouri or Illinois.

Hello Biggerpockets!

Loan Amounts: $100,000 to $2,000,000

LTV: Up to 80%

Property Types: 1 to 4 Family Properties, Condos, Townhouses.

Purchase or Refinance

Loan Terms: 30 year fixed rate

Prepayment Penalty: 5 year 5/4/3/2/1 at base rate with buyout options of 3 year +0.25% and 1 year +1.0%

No Income verification, DTI, or tax returns necessary.

DSCR: 1.0+ or 1.15+

Appraisal Required. 

No seasoning if rehab was completed and property is leased!

Credit Score: 680+

Fees: $1179 per loan + origination points.

Time to fund: 7-10 business days after acceptable appraisal. 

Appraisal Offer: Appraisal cost reimbursed by Temple View Capital at loan funding.

Call me at 570-582-9029 or reach me by email: [email protected]

Much higher success rate in areas where you can physically be there. There are so many benefits to being local to a project/rental property.

Hey Kevin,

I'd love to chat and see what we can do for you!

Hello Jeffrey,

DSCR loans are best for individuals looking for loans without DTI (Debt to income) ratios and tax return requirements; Perhaps, if it is a loan to a business, without the complications of personal credit reporting.

As you reduce the number of things that a lender "cares" about, the cost rises. 

If you can financially support a conventional loan, you should go in that direction. Just understand that a bunch of mortgages in your personal name may increase your utilization on your credit report and effect your credit negatively. I've seen folks with 10 mortgages on their credit report but a consistent 670 credit score have trouble getting solid DSCR financing due to credit utilization. I've also seen folks with 10 mortgages on their credit report have 800 scores though, so eventually it evens out.