All Forum Posts by: Logan Singleton

Yes it is

Hi Julian, 

Happy to connect!

Investment Info:

Large multi-family (5+ units) hard money loan investment in Johnstown.

Cash invested: $780,000

60% LTV
30-Year Fixed Rate
7.40%

Correct; BiggerPockets and local REIA meetings are great places to meet private lenders.

Hi Richard, 

Most HML will lend up to 90% of the total cost, depending on the deal and the borrower's experience with a 12-month interest-only term.

To get true 100% financing, you would have to connect with a private lender or secure an equity partner whose sole purpose in the transaction is to bring the necessary funds, and you'd structure a profit split with them upon the sale of the property.

Hi Michelle, 

Is this property a rental, vacation home, or primary residence? If it's a rental...

A DSCR C/O Refinance is an option right now. You can get these with rates starting at 6.75%, and they don't require any of your personal financial information since they're an asset-based loan.

One problem many lenders can run into with condos in FL is whether or not the condo is warrantable or unwarrantable. Also, the HOA fees can make it difficult for the properties to cash flow.

A DSCR loan would be a great option since the underwriting process does not consider your financial situation. Depending on the state the properties are located in, some lenders will let you pull 80% cash out during the refinance process as long as the property meets a 1x debt service. I'm happy to connect!