All Forum Posts by: Marty Johnston

@Robert Rayford, Congratulations on your success! I may be able to be of assistance to you. Send me a PM if interested.

Sincerely,

Marty

@Amy McArthur, PM and Colleague Request sent.

Please let me know if I can be of assistance!

Sincerely,

Marty

@David Lauka, I'd be more than happy to speak with you. Send me a PM any time, lets connect.

Fico: 630 +
Loan Terms: Up to 30 years AM. and fully fixed!
Loan Size: $45K - no max loan amount!
Max LTV: 75% domestic borrowers, 70% foreign nationals.
Debt Service Ratio: 1.3
Interest Rate: 6.50%-8.85%
Property Types: Only 1-4 unit investment properties. Property must be on less that 2 acres of land.
Pre-Payment Penalty: 5% for fixed period which is 5 years, then step down, 5%, 4%, 3%, 2%, 1%
Use of Funds: Purchase, Refinance, Cash-Out Refinance
Asset verification: 2 months seasoning on assets (bank statements) and 12 months seasoning on properties.
Lending Territory: Nationwide besides MT, NV, ID, AZ, HI, ND, SD, AR, NY, VT & ME. No population requirements!
Minimum Property Size: 700 square feet
Lender Fee: 2% of loan amount or $3,500 min.
Closing Time Frame: 30 business days
Appraisal Cost: $450-$600 per property

Special: All loans must close in a corporate entity. Can be used as a portfolio/blanket loan as long as all properties are in the same state. Secondary financing is not permitted.

For more information and inquiries, contact Marty Johnston at:

[email protected]

920-285-8900

Or message me here on BP!

@David Lauka, Welcome to BP! And congrats on jumping into your first investment property. I can shed some light on your quesiton here. Hard Money Lenders have a wonderful place in the REI world. As you stated, they allow one to purchase a property, rehab it, and exit (either sell or refinance) without needing a tremendous amount of capital. If you don't have the capital, it can be strongly effective to use HML's if you have high deal flow as well. The trick is to make sure you have an exit strategy and even lined up with a lender so that you know you're approved out of the Hard Money loan.
The negatives of an HML is the high cost for money - 9-15% is the range we see for Hard Money, with 10-12 being market, and about 2-3 (sometimes up to 5) points at close. If you don't have an exit strategy and get stuck in a Hard Money Loan, it can quickly eat your profits.

"Also, I've noticed that many of these lenders also offer 30 year rental loans or packages to offer both the initial financing as well long term refinancing. Is there an advantage to refinancing with the same hard money lender or does it make more sense to refinance with a conventional mortgage?" You're absolutely right, and yes there is a benefit of going with a lender who offers both the Hard Money Loan and the refinance exit - Many lenders who offer this combo will often times wave the pts attributed with the second closing when you refinance into permanent financing. Depending on loan amount, this could be sizeable and save you some cash at your second closing. They may also offer special rates to piggy back borrowers. If you come across one, ask them what they offer.

Wish you luck!

Marty Johnston

 Stephen, send me a PM! Id be happy to discuss

@Andresa Guidelli, Sent you a PM!

Bishoy, you have options. There are several lenders out there who can refinance your property in Florida. Just have to find the right lenders.

Marty

 Toussaint,

I sent you an email. Let me know if there's a good time to reach you.

Best Regards,

@Rashad S. Send me a PM!