All Forum Posts by: Raymond J. Rodrigues

@Christopher Satterwhite I know of a loan option that can help you out. Feel free to message me and I'll share the info with you. 

@Jill Keller, all banks do not lend to LLCs. Especially if all they issue are conventional loans. DSCR loans and portfolio loans are types of financing that allow you to close in the name of an LLC. Do keep in mind that all of these loans will still likely require a personal guarantee. Always feel free to reach out to me if you have any other questions!

I've been on the BiggerPockets forums for quite a few years and have learned a ton from the members here. I always believe in paying it forward. If anyone has any lending related questions, regarding guidelines, how to prepare for future purchases, etc, always feel free to use me as a trusted resource. I generally have the answer to most questions and if I do not, I will make sure to obtain it directly from the source to help ensure your success. Cheers!

-Disclaimer: I am not a financial advisor and this is not financial advice. 

Tyler, your seller credit is limited to the maximum that the loan allows, to not exceed the actual amount of closing costs being paid by you that is on your loan disclosures. 

So let's say hypothetically you can go up to 6% in seller credits, but your current total seller credits is 4.5%, you could increase your closing costs by 1.5% by buying down the rate. If you do not want to do that, then you would have to ask the seller to reduce the purchase price by that dollar amount.

@Mohammed Rahman brings up one good point. 

@Anna Catron my pleasure! It would be based on what you paid for it at time of purchase, not what it's actually worth. Feel free to reach out if you have any other questions! 

@Anna Catron conventional financing has a 12 month seasoning waiting period to do a cash out refinance based on after construction value. Anything prior to that will be based on total acquisition cost which is land value plus construction cost. You need a portfolio loan to do a cash out based on construction value. Happy to share some contacts with you if you need them. Feel free to reach out. 

@Daniel Correa I know an investor or two in the area that you can connect with that could possibly help you out. Send me a PM and I’ll share their contact info with you. 

@Clay Hall, I've looked far and wide for a lender that will do HELOCs for properties that belong to an LLC and I have yet to find one. I too am a lender myself. If you find one, please let us all know who it is! Thank you.

@Jonathan Greene can you describe the red tape that you are referencing? 

@Mark Alford I see a few lending institutions that I've worked with in the past that are offering this. The property cannot be in an LLC though. Feel free to PM and I would be happy to share some details.