All Forum Posts by: MJ Richlands
MJ Richlands has started 5 posts and replied 14 times.
Post: land equity investment loan options
- Posts 14
- Votes 3
no w2
own land free and clear
purchasing new doublewide manufactured home
selling once placed on permanent foundation
short term loan of like 6-9 months
Quote from @Zach Edelman:
Quote from @MJ Richlands:
Quote from @Zach Edelman:
Quote from @MJ Richlands:
@MJ Richlands are these acquisitions, rate-term refinances, or cash-out refinances?
i wanted a cashout 1.2 dscr of 70% ltv for a 159k property i own outright with 680+. i was even ok with 65% ltv but easy street has 150k min loan
I'm not sure who you talked to but we have a minimum loan amount of $100K. 65% of $159K would be $103,350, which would be an eligible loan for us. Sending you a PM.
yes you are right its 100k min. not sure what the roadblock was then
Quote from @MJ Richlands:
ultimately brandon did get it done. not sure if it was the lender or broker that pushed things way past deadline but i would use them again if time wasnt an issue
Quote from @Zach Edelman:
Quote from @MJ Richlands:
@MJ Richlands are these acquisitions, rate-term refinances, or cash-out refinances?
i wanted a cashout 1.2 dscr of 70% ltv for a 159k property i own outright with 680+. i was even ok with 65% ltv but easy street has 150k min loan
Quote from @Tom S.:
@MJ Richlands Sorry to hear. Just curious, what was the reason why no lender could get it done?
Here in VT, most areas are considered rural and I've had good luck with my local banks or credit unions that know the subject property (very small towns!)
i guess small sample size of responses from this thread but it was either rural or NC or under 150k loan that ended talks early. only all loans funding fit the criteria but at the end of the day they missed deadlines and changed numbers when it all boiled down to signing
Quote from @Dave Kush:
I use RentRedi without issues. That said, there's definitely a delay. I was using PayPal, cause instant and no bounce but really high fees
you happy with rentredi? ive been using turbotenant which is cheaper but definitely clunky
Quote from @Jacob Sherman:
can go to 75% but will need 6 months reserves . is it a cashout ? cashout can be used as reserves
yes its a cashout and 0 mortgage
Quote from @Nate Herndon:
I have a program that can assist with rural-appraised long-term rentals at 65% LTV - we just closed a deal in Windsor, NC that struggled with comps, but we were able to get it done. That program only requires a $75k minimum property value and a $50k minimum loan amount.
Here is an example of what that would look like.
i have a 6 month old private appraisal. there arent many comps within 5 miles but send me a dm and we can discuss details
Quote from @Bobby Feinman:
MJ - We offerDSCR loans on rural properties. The minimum loan amount is $300,000. Happy to assist you!
Bobby
thanks but i dont deal in any properties over 300k