All Forum Posts by: Marty Johnston

@Amy Greger, You aren't alone in your particular scenario. Many of the lenders we work with nation-wide won't lend to a borrower who is not within a certain radius of the property - no matter the numbers. There are some who will, the numbers just have to make sense, and you have to prove you have experience working with and being successful at managing the same-type property out of state. This will be huge.

Another option - Is there someone in the same area as the property that you would be able to bring on board with this deal? If someone on the LLC was in direct vicinity, this would help your chances significantly as well.

PM me to discuss more, I'd be happy to learn more about your current situation and try and brainstorm with you.

Best Regards

We are 11 Capital Finance. We have over 110 national lenders, 20,000 private investors, 30 family offices, The CLA mobile lending App, and much more. We offer loan programs for almost any scenario from SBA bank loans to rehab & construction. We can finance difficult deals including poor credit, losses on tax returns or not properly documented income. Every loan has a story and we are here to listen!

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Contact Marty Johnston: (877) 957-4357 Ext: 713, [email protected], or simply PM me here on BP

Richard,

I completely agree with Ann. Your likely to find many HML's. I second her suggestion to attend her event. Because Ann is running the event, I would assume she has worked with many of the investors there. Ask them about their experiences! If you ever get an unnerving feeling working with any lender for one reason or another, follow your gut, ask around.

If you shop around and work with a broker such as myself, the experience will be a little different. A reputable broker will only work with lenders who don't charge those additional junk fees. So if you find a good broker that you trust and has a good reputation, some of those worries can disappear. Vet and ask questions is the best advice! Best Wishes

Marty

Best wishes, Becca! Sounds like you're on track, and you're absolutely right - your filed taxes and ability to use that income will change your opportunities here substantially. Let us know if we can help in any other way!

Marty

@Serena Ocenas, as a broker we work with many HML's and out of all of them, there is not one that advertises for 100% financing on LTC. However, some HML programs might offer 90 or 95% of purchase and 100% of rehab as long as the LTC does not exceed 65% of ARV. So, the secret is to find a property at deep enough discounts to get the most leverage. But that leverage will be limited by 65% ARV.

Keep in mind also that it's typical that the higher your leverage, the more expensive the loan. You can expect to pay 3-4 pts (possibly 5 depending on your credentials, experience, and different aspects of the property's rehab needs) and 12-15% interest only. If you're turnover on a flip is 1-2 months, and/or you're doing high volume, these rates and terms still make great sense.

Also keep in mind, that often times a lender will offer more favorable rates to investors who are repeat borrowers with them, and who will bring a lot of business. Certain rates and terms are often reserved for these type of investors. What you're looking for certainly isn't impossible to find, but it will be more difficult for sure. Private lenders (family, friends, personal connections) might be more inclined, but again - connections connections connections.

You mention you're an experienced investor - without question, this will help you. HML's love experienced, liquid investors.

Best of luck, Serena!

Marty

 Greetings, Mel.

It's a new year for all of us. Send me a PM, let's talk! 

Marty

Michael,

Is the property stabilized? Does it need rehab? Do you or any of your partners have prior experience in this property type? How many properties do you own of this type currently? How much cash do you/and your partners have top do this deal? All these things will be taken into account with any commercial lender.

PM me if your interested. Id be more than happy to talk about this deal with you.

Marty

 Hi Becca,

It sounds like you may be looking for a Bank Alternate/Stated loan. These loans do not require much of the documentation that you are struggling with. They are there for people in your situation struggling to get conventional financing. You are most certainly not alone. Many investors need to go this route if they are devoted conventional financing for whatever reason. 

Send me a PM! I don't want to break any forum rules. But let's talk!

Marty

Looking forward to meeting everybody, see you Thursday!

 Hi Greg, send me a PM, I'd love to hear more on webcast your goals are, but don't want to break any forum rules.

Thanks, Greg!

Marty