All Forum Posts by: Ryan Hehman

It all depends on exactly what language is in the financing and appraisal portion of the contract. Here in DC metro area there are 2-3 different kinds of contracts that are used and the language pertaining to each of these changes depending on the jurisdiction. Talk to your agent, and find that part of the contract. It should spell out exactly what happens in the event of a low appraisal, eg. "seller has x amount of days from the notice to lower the purchase price to the appraised value. if seller doesn't agree to lower price to appraised value, contract is void." best people to consult are your agent and an attorney - best of luck!

Good answers above, it's also possible to finance a single family investment property in an LLC with a 30-year fixed rate mortgage (no balloon). Usually 25% down is required, and rates start in the mid-high 4's right now.

Yes, it's possible to finance ground-up construction with an all-in-one loan for acquisition, vertical construction, and horizontal development. Usually some experience is needed on the part of the borrower, however, with a solid construction budget as well. 

Agreed with Lori - 20% down is normal, but you could likely find better rates shopping around.

Hey Cameron, happy to make your acquaintance and talk shop any time. We provide a full suite of commercial loans for investors from single family to large multifamily and mixed-use commercial.

If the gym will occupy 51% of the property or more, an SBA loan through your business will be the route with the lowest amount of cash down (in some cases under 10% is even possible).

Will you be purchasing the property in an LLC? The potential use as a family getaway may be a hangup for the commercial loan.

Hi Amy, I may be able to help with this, but would need some more info. Could we connect and chat more?

Agreed, that's a long timeline and you should be able to get it done in 45 days max. Longer timelines are not uncommon with banks that don't specialize in mortgages or refi's. Good advice on shopping around as well, or find a broker that can get the best rates and times from multiple lenders. 

I think it might depend on the fine print. Are there any restrictions on the types of purchases that are eligible for the promotional rate? To put the cc funds toward a STR, you may need a cash advance from the credit card, which I've sometimes seen at a higher rate than the introductory rates.