All Forum Posts by: Miranda Holland

Lending criteria vary from lender to lender and that can be frustrating. Most private lenders only lend for non-owners occupied investment properties. They do that so they won't have to fall under the same laws and regulations as institutional banks. 

So it's best to ask the bank offering the program you're speaking about if living in one of the units will strengthen your position.  They might consider single family to include triplex for that program but only they would know. If it's your first home you might qualify for 1st time home buyer benefits.  

Alot of private lending companies would lend to new investors when it comes to fix and Flips, bridge and rental loans.  When it comes to large rehab projects and new construction, they tend to require at least a few regular rehab projects as experience before they give you money for new construction.

I believe you have a chance of getting around that if you partner with someone who has done rehab projects recently and/or prove that you have quality help.  Your personal experience with construction helps too. You definitely want to show lenders that you have the knowledge and personnel in place to compensate for you not having the experience of supervising rehab projects yourself yet

 Do you have contractor experience in some other way? Have you supervised renovations on a rental? Why do you want to start with new construction? 

When using private and hard money lenders, they want you to have experience supervising renovations before they give you money for new construction. Have you done any fix and Flips in that last 3 yrs? 

Based on what you're saying, it sounds like a cash out refinance is possible through private money. But not all Private lending companies do cash out refis. I sent a connection request your way. 

They're definitely different private lending companies out there that do cash out refinances. It's easier to get a cash out refi on properties over 100k. The further below 100k, the harder it is to find someone to refinance it. Where is the property located? 

Yes there are loan products that cover buy and hold with little to no rehab.  Many private lending companies offer short term loans as well as long term loans amortized over 30 years

The easiest way to get funding is through hard money and private money lenders. Approvals are primarily based on your deal and not your credit history or income 

It depends. Do you believe rates are going to go back down, stay the same, or go up? If you believe rates are going to continue to rise and you want to cash out, then you might want to do so now. 

The answer to your question is yes.  Even if it needs a little rehab, there are lenders out there who will give you a 30 yr rental loan.