All Forum Posts by: Nick Bednarczyk
Nick Bednarczyk has started 105 posts and replied 145 times.
Post: Today's commercial rates
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
As of June 24, 2024, commercial mortgage rates in Florida start as low as 5.33%. Here are some current commercial loan rates:
- Freddie Mac Optigo: 5.59%–7.11%
- Fannie Mae: 5.52%–6.79%
- HUD 223(f): 6.00%–6.70%
- CMBS: 6.35%–7.95%
- Regional Banks/Credit Unions: 6.77%–10.50%
- Life Insurance Companies: 5.60%–6.99%
- Debt Funds: 9.12%–15.37%
- HUD 221(d)(4): 6.60%–7.30%
- SBA 7(a): 10.75%–13.25%
- SBA Express loan rates: 12.75%–14.75%
- SBA CDC/504 loan rates: 6.597%–7.063%
- SBA Economic Injury Disaster Loan (EIDL) rates: 8%–13%
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Post: Buying First Property Remote / Long Distance
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
Post: Seeking Commercial Loans !
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
Post: BRRR financing at its Best!
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
For BRRRR investors, seasoning requirements can significantly impact your ability to quickly recycle your capital.
While most lenders require you to hold the loan for at least 6 months (aka "seasoning"), we offer cash-out refinancing as soon as the rehab is completed!
Here's why we are the is the preferred BRRRR lender for investors looking to put their money back to work quickly and scale their business:
- BUY - Obtain short-term bridge financing to help you with investment property acquisition.
- REHAB - With up to 100% rehab financing, you can stay liquid through renovations.
- RENT - While many lenders require a renter to be in place, we use a 1007 appraisal for vacant properties and can refi the property into a DSCR loan whether or not you have a tenant.
- REFINANCE - With our no seasoning requirements you can refi and pull cash out once rehab is complete, rather than waiting the typical 6-12 months that most lenders require.
- REPEAT - Use those cash-out funds to put your money back to work and scale your business.
Partner with a lender who understands the needs of BRRRR investors! Our loan products are here to help you through each stage - shoot me a message or give me a call to get started.
Talk soon,
Post: BRRRR in Akron Ohio
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
Quote from @Mavely Pazmino:
Interested in thoughts/experiences with the initial purchase and the refi on a BRRRR in Akron. I'm an OOS investor. We're interested in cash flow and recycling our money. (Our first BRRRR but not our first rental). Interested in section 8 tenants.
We will be using a HELOC as down payment, however what can we expect when buying a distressed property in B/C neighborhoods in Akron for a BRRRR?
We want to use a hard money lender and use HELOC for 20% down payment…
should I be worried that once I buy and rehab I wont get a high enough ARV to refinance in order to payback my HELOC and HML?
What's the lowest hard money Lenders lend with SFR/Duplex properties in Akron?
Over the years, I've worked with many investor loans. Fix and Flip, DSCR, construction, foreign national, etc. Ultimately, section 8 housing can be a great way to build your rental units due to guaranteed income. So i would check out the local government for section 8 payments in your area. At the end of the day, I would look at all the options you have for accessing the funding and liquidity that youll need. I hope this helps.
Post: Dscr Loan help please
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
Quote from @Beth Crosby:
If I have a ground up build I paid cash for, can I use a DSCR loan to take a mortgage out on that house to build a rental home on a lot we have next door? I would like to take the mortgage out in my one LLC and rent that home to my other business(a different LLC). The reason for this mainly of because I can get a bigger loan on the house we have just built, than taking a ground up new construction loan on the rental we are wanting to build next door as well as my experience with ground up loans is zero -
The answer is yes. If the newly built property is rented, a DSCR works beautifully. If ists not rented, then we could look at 1 bank statement or p/L loan to qualify. Either way, The lender will ask the reason and use of funds for the refinance. Some lenders have max cash out from each loan. You also could look at a line of credit on the property and pay interest on the money as you use it. So interest isn't paid until funds are withdrawn.
Happy to talk if you have questions.
Best regards,
Post: Has anyone used the “All in one loan” with CMG Financial?
- Lender
- Sarasota, FL
- Posts 187
- Votes 24
Quote from @Denise Brown-Puryear:
Originally posted by @Isua Mbang:
@Flavio Espinal
So i just closed on this loan last week actually. I have rentals in Texas and had a very difficult time trying to find a heloc for investment properties. CMG now offers that in Texas and i jumped all over it. I am yet to see any downside so far again with me just closing but if you have any specific questions i don't mind sharing
This sounds very interesting! We have several properties that are "free and clear" and I've been searching for an investment property HELOC. I'm in NC. Do they lend in that area? I will definitely look them up. But need a little more clarity on the "all in one" concept. Thanks.
Denise
Hi Denise,
The first question that i would ask myself is how long do you need the money for and what you intend to do with the liquidity. Payoff debt, Streamline loans, or grow rental portfolio.
There are many ways to raise funds for future projects. Mortgage, Line of credit,heloc, heloan.
Lenders follow their own lending guidelines for investment properties. And Each lender may be different due to their own goals and liquidity. A little different than traditional fannie mae and va home loans.
Happy to help you talk yourself thsought the process.