All Forum Posts by: Robin Simon
Robin Simon has started 636 posts and replied 3875 times.
Post: Strategies with high interest rates
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Things have reversed quite a bit over the past month or so, rates have dropped quite a bit. Seeing a lot of people have success being aggressive on offers and staying flexible above all else
Post: Mortgage Rates Remain Near Recent Lows Despite Fed's Rate Hike
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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It's often said here, but bears repeating: by the time the Fed officially announces a rate hike, that rate hike is old news and of no further consequence to financial market movement. There are exceptions for times when the hike is bigger or smaller than expected, but in today's case, everyone knew it would be 0.50%.
Does this mean mortgage rates are 0.50% higher today? Not even remotely. In fact, many lenders unchanged compared to yesterday. A few are even slightly better.
Simply avoiding any major upward pressure in rates is a victory today. But why? If the Fed rate hike wasn't the threat, then what was there to be concerned about?
In a word: dots.
Rest:
https://www.mortgagenewsdaily....
Good overview from Mortgage News Daily of the recent CPI/Fed Meeting effects on mortgage rates
Post: Loan servicing company
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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Its probably going to be very hard to find someone, servicing is a super low margin business that requires on significant volume, it would likely be impossible for a servicer to make the economics work on a one-off
Post: STR Rehab Loan w/ high DTI
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
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For DSCR loans on properties that are rented on a long term basis (i.e. 12-month leases) - which are currently viewed as less risky by the market
Post: STR Rehab Loan w/ high DTI
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Quote from @Wilson Vanhook:
Quote from @Robin Simon:
Quote from @Chris Mury:
@Robin Simon do you have a product for this?
Yes, we should be able to help.
@Tyler Solomon can you please reach out to @Nithin Mathai to go over options?
Do you have 15% down DSCR loans?
Yes - but not for short term rentals dependent on projections
Post: Hard Money Lender for a Duplex
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Quote from @Stephanie P.:
Quote from @George Duchatelier:
Im looking to purchase a duplex with my partners. Looking for the best rates for a long term hold. This is not a fix and flip or anything like that. Buy and hold. The duplex is listed at 75k but Im thinking we can get that lowered. Any hard money lenders in the area? I purchased 2 houses already the conventional way, so the DTI is high. I cant do a DSCR loan due to the loan amount being too low. Any other ideas?
Personal loans, HELOC on primary, friends and family acting as private lenders and credit cards.
Agree with this - hard money in this situation doesn't really make sense for the lender or you, hard money is typically best only for short terms and the high rates of it probably don't add up on your end for cash flow
Post: STR Rehab Loan w/ high DTI
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Quote from @Chris Mury:
@Robin Simon do you have a product for this?
Yes, we should be able to help.
@Tyler Solomon can you please reach out to @Nithin Mathai to go over options?
Post: 20% DSCR or private lending help
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
There are DSCR lenders out there that will do 80% LTV STRs with AirDNA, check out the BP Mortgage Lenders Page!:
Post: Heloc or fixed conventional
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Have you modeled out the numbers on a spreadsheet i.e (scenario 1 - cash flows, returns with HELOC, scenario 2 - cash flows, returns with Fixed Rate) etc?
Post: What's your go to process for getting funding?
#3 Private Lending & Conventional Mortgage Advice ContributorPosted - Lender
- Austin, TX
- Posts 4,576
- Votes 4,423
Bankrate.com is probably better more for conventional owner-occ mortgage loans.
You should check out BP Mortgage Lender tools here: