All Forum Posts by: Upen Patel
Upen Patel has started 49 posts and replied 1759 times.
Post: Looking for creative lending solutions

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@Darian Gore Are you looking to lower your down payment OR is the seller is giving you better terms?
You will not be able to go above the max LTV/CLTV. So no way to avoid the down payment. You can close the loans with the needed down payment, and after the close, the seller can give you a 2nd, so you get the cash back in hand.
But you will have to start with the needed down payment for the loans.
Post: Recs for Lenders or Options for Self-Employed Borrower with Less Than 2 Years Inc.

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Hey! @Daniel Baran With self employed income, the devil is in the details of your work history, how long you have been 1099, do you have multiple income sources, etc. And of course the purchase price you are looking at and % down you are looking to do.
DM me and we can dive into details about your scenario.
Post: Trying to get a 30 yr term refi

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@Alan Mendoza - As @Jay Hurst mentioned, there are many options for the loan & title to be in the LLC name. Can be 30 yr fixed. Some rates are very comparable to a conventional loan, but they do come with a Pre-payment Penalty (PPP). You can buy out the PPP, but that would result in a higher rate and/or points.
You will not find both terms AND rate in the same loan program. You will have to choose between the conventional rates OR Non-QM terms.
Hope this help you in make your decision. Happy to have a chat and answer your questions.
Post: No seasoning Cash out Refi needed

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@Jordan Fair Reading between the lines, I am sensing you buying the property in cash and need to pull the cash-out. That's called a Delayed Cash-out refi, as long the cash was all yours. Many options to be able to do that.
Post: Long-term financing for build to rent

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@Trevor Davis If you are going to build with your own cash (and can document it) there will be no seasoning requirement. You will be able to pull out cash using any loan program.
Post: Heloc on DSCR

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@Nick Haynes There are plenty of options to be able to do 2nd mortgage/Equity Loan/Equity Line of Credit on an investment property.
Keep in mind that the max you can get is 80% CLTV. NOT 80% of the equity.
e.g. Property appraisal is $500K x 80% = $400K (max combined loan amount) - $300K (current loan) = $100K 2nd loan.
Hope this helps.
Post: FHA to Conventional refinance appraisal method/question

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@Kenneth Quattrocchi 1-4 unit residential property appraisal value is based on sales comps, not rental income. 5+ unit commercial properties are based on rent comp.
Post: Navigating My First Rental Property and LLC Setup

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Hey! @Akouvi Krasniqi There are plenty of options to get a 2nd position loan on an investment property, to get some of the equity. Each will have a different set of guidelines on title to LLC or being able to transfer later to LLC. Also, you will want to be sure that a transfer to LLC will not trigger a recall on your current loan.
Connect with a good lender to explore your options.
Post: S-corp owned 4-plex, refinance struggles

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@Patrick Braswell There are plenty of options to be able to do mortgage/title to S-Corp/LLC. You need at least 2 things:
* Resolution authorizing the corp to take on the debt
* 50%+ of ownership has to sign to the mortgage as guarantor/corp representative
Post: Mexican Real Estate Investor Expanding into the U.S. Market

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Hey! Iñaki:
Welcome to BP. Happy to connect and share my experience. Reach out anytime.