All Forum Posts by: Mike Burkett

Good morning. I do commercial lending specifically for SFR investors. Investors will generally come to me once they no longer qualify with Fannie and/or can't get a mortgage through a bank. We don't use DTI at all. Mortgage qualification is based on the cashflow of the property and a 75% LTV cap. You do need decent credit to qualify and you generally need to provide tax returns, although the income from the tax return is irrelevant. Rates are not as cheap as Fannie, but we can finance an unlimited number of properties for you or your LLC. Would be happy to answer any questions you have. Mike Burkett - 3L Finance

That's right up my alley.  All I do is help investors grow their business.  I can help you with fix and flip loans as well as single property rental loans and portfolio loans.  The 6 month seasoning isn't impossible, but it is becoming scarce.  The loans we do are driven by the property cash flow, not your W-2 income.  That extra income is great, but not required for loan approval.  I don't do Fannie Mae loans, so the 10 property max doesn't apply.  Look forward to helping you out.

I can help you with that. 75% of the purchase price is the most we can lend and that amount has to be supported by the rental income. Minimum purchase price $60,000 per property. You can leave them in your IRA. Would need sufficient cash for down payment, closing costs, insurance, taxes, and some reserves. Min FICO 630. The higher the better.