All Forum Posts by: Miranda Holland
Miranda Holland has started 2 posts and replied 172 times.
Post: Recommendations for a hard money lender in Florida?
- Lender
- Macon, GA
- Posts 191
- Votes 59
Quote from @Levi Collins:
Any recommendations for lenders that would consider loans as small as 50k-80k on some properties in Jackson County, Fl. No current liens but these properties have tax deeds, not warranty deeds if that matters.
thanks
Levi
There are some. I just you a PM
Post: Seeking a private lender
- Lender
- Macon, GA
- Posts 191
- Votes 59
Quote from @Sean Starkey:
I am seeking a private lender for my next deal. I want to build a relationship with someone to help scale my portfolio and also increase your return on your investment. Can someone give me an example of what a private lender’s terms could be? Would they fund the entire down payment on a house? What would be some ideal terms they would ask for?
If you're looking for an individual to be your lender, the terms are what the two of you agreed to. Someone who has experience lending privately might have stricter terms where as someone new to lending might let you take the lead on terms.
Now when dealing with private lending companies, the rates tend to be competitive with the lending industry and they ask for 10% to 20% down based on your credit score and level of experience.
Post: Texas 34 Unit Multi-Family Rate/Term Refi $2M
- Lender
- Macon, GA
- Posts 191
- Votes 59
I have several. I sent you a connections request
Post: Gap Funder for Real Estate
- Lender
- Macon, GA
- Posts 191
- Votes 59
Gap funding can be really helpful if it's needed and the deal has enough room to still make a significant profit
Post: Partnering to get a mortgage
- Lender
- Macon, GA
- Posts 191
- Votes 59
If you're having trouble borrowing from a conventional bank, you can go private. There's private lending companies dedicated to lending to real estate investors without requiring W2 income. Approvals are primarily based on the deal. However, they do tend to ask for 10 to 20% down payment. Since you already found an individual to help you with the down payment, looks like you're all set.
You can partner with the individual so he can write the check directly to the title company at closing or, if you guys are comfortable with him writing the check directly to you to deposit in your account, you won't need to partner. Let the lending company know that you found someone to lend you the money for the down payment and they will tell you if they require a partnership if the check is in his name.
Post: HELOC's on rental property
- Lender
- Macon, GA
- Posts 191
- Votes 59
More and more lenders are scrapping their HELOC programs. I think the most efficient way to find an institutional lender that still offers HELOCs is through a licensed mortgage broker.
Post: Local Vs online lender
- Lender
- Macon, GA
- Posts 191
- Votes 59
You can go with a nationwide lender if you want, you just want to make sure they're a real lender. They do depend on local appraisers to determine property value.
Post: Hard money lender Shivers Lending
- Lender
- Macon, GA
- Posts 191
- Votes 59
Quote from @Jefferson Harmon:
Has anyone dealt with Shivers Lending?
I haven't heard of them. Are you nervous about working with them?
Post: Closing TOMORROW - Emergency Replacement Mortgage Needed
- Lender
- Macon, GA
- Posts 191
- Votes 59
Quote from @Chris U.:
Hey BiggerPockets,
Didn't think I'd find myself in this situation. We've been working with a mortgage lender the last few weeks and have already signed the closing disclosure on a $170K investment townhome. Our closing date is supposed to be tomorrow Aug 2nd @ 2pm. The long story short is that our cash-to-close is set to increase anywhere from $15K - 20K due to the lender completely changing our terms.
We cannot make this work. Can anything be done to help us in this situation - other brokers or lenders? We're in the process of trying to contact a few right now too.
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Explanation: Our usual trusted loan officer is no longer with the company, but stayed on long enough to make it to our closing disclosure. However, now the lender is completely disregarding my wife's income due to her being part-time for less than 12 months (approximately 9 months). She voluntarily made this change and can increase her hours on request with no issue (sets her own schedule). Her hourly rate is >$35. There have been no previous issues raised with our bank statements, pay stubs, W2s, or any other document that we've submitted. Both of our credit scores are 760+
The closing disclosure had our cash-to-close at $31,980 on a $170K townhome. The terms were 20% down 7.125% with 1 point. Increasing our down payment no longer makes sense for our personal or investment financials.
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If you made it this far, the lender has to know that you do not have much Liquidity. I'm hearing a lot of these lenders are looking for excuses not to close at the last minute these days because they don't have as much money as they claim.
See if you can stall the seller for a week or two and look for another lender is my advice. You already got the appraisal done I'm assuming. Another lender might just accept your appraisal so it wouldn't take as long
Post: Cash-Out or Home Equity Loan?
- Lender
- Macon, GA
- Posts 191
- Votes 59
Right now my borrowers are getting around 7% interest rates on their cash outs and I heard the fed just raised rates again. I guess it's all about whether you prefer the cash or the line of credit