All Forum Posts by: Ryan O'Mara

@Scott Adams - there are lots of non-bank lenders that would do this.  Which one fits best will depend on varying factors such as your FICO, the dscr on the property, etc.

@Mario Garaffa - a lender will not treat this as a refinance.  If the current owner wanted to do a refi and add you to whatever corporate entity is used for the loan, then you could do that.  But he would have to remain on title and  be on the mortgage.  So it doesn't seem to be what you are seeking.

Ultimately this will be treated as a purchase in which case the lender will lend on the lesser of either the purchase price or appraised value.  You'll need 25-30% + closing costs + reserves.

@Jesse Arriaga - there are many non-bank perm lenders that would do blanket loans on 1-4 unit properties.  They all have different criteria around these types of loans:  Min # of properties, max # of properties, min value/property; vacant or fully leased, dscr, location, etc.

If you have a total loan amount of $500k+, then $45k/property is the min value needed.  Otherwise $60k/property is likely the lowest a lender will consider.

@Tiffany Archer - there are plenty of bank alternative lenders that can provide permanent financing for your deal.  So you may not have to go hard money first.  You can just go straight into a perm loan.  Which lender would work best would depend greatly on your FICO and liquidity and then on the property and how well it debt services.

@Rigo V. - most commercial lenders for 1-4 unit properties will want you to close in a corporate entity.  But there are a few that will allow you to it in your personal name.  So you could do either.

@Damian LoBasso - There are many HMLs that would lend in this area.  But which is best would depend greatly on their particular lending parameters and how you and the deal fit them.  Your experience level, FICO score, liquidity, whether you're adding sq ft to the property, how extensive is the rehab, etc. will all factor in to which lender is best for you.

@Patrick Reynolds - you can always look to do a cash out refi. Depending on the lender, the property, and your FICO, you could get up to 75%LTV.

@Lamont Marable - Did you ask Lima One if they will do the take out loan?  If they said NO, then what were their reasons?  

@Aaron Goetsch - There are many lenders that will do this.  If you can get a bank loan, then that would be your cheapest money source.  But banks say NO for all sorts of reasons.  If a bank won't do it, then you need a bank alt lender.  

Many do blanket loans but they all have different criteria such as: min. # or properties in the blanket, max # of properties, min. value per property, min. loan amount, vacant or fully rented, location of properties, dscr, whether the borrower owns a primary residence or not, etc.

@Aaron Goetsch - There are many lenders that will do this.  If you can get a bank loan, then that would be your cheapest money source.  But banks say NO for all sorts of reasons.  If a bank won't do it, then you need a bank alt lender.  

Many do blanket loans but they all have different criteria such as: min. # or properties in the blanket, max # of properties, min. value per property, min. loan amount, vacant or fully rented, location of properties, dscr, whether the borrower owns a primary residence or not, etc.