All Forum Posts by: Simmy Ahluwalia

@Steven D'Agata - our mortgage brokerage shop can fund in NY.  Happy to entertain any deals that you have on the table.  Delayed financing for all cash purchases (no liens) can happen fairly quickly.

70-75% leverage is available to Canadian investors.  Keep in mind 30 year fixed rates at mid 7's to mid 8's.  

Our DSCR lenders can work with FN's. 30 year fixed and yes rates are higher - mid 7's to mid 8's.

@Shital Thakkar - private bank lending still exists for new construction.  Reach out if you'd like to chat.

Ok, so then your best solution is a DSCR loan. Looks like you have the down-payment funds (20%+ plus fees/closing costs). Rent estimates would determine the monthly rent and the debt-service ratio.

Will this purchase be for YOUR Primary or as a Rental Investment?

Good stuff, and thanks for sharing.  I play in the MTR space from a financing perspective.  I'm closing shortly on a $2M ground up new construction co-living concept (Class A), where the tenant base will be all on MTR leases from 30 days to 180 days+, targeting the demographics that you mentioned above.  Think $1,200+ monthly rents in a 250 sf space:)

You can have a 100 properties in your Portfolio with DSCR loans. We don't care as long as the mortgage is getting paid:)

Everything takes work:)  The beauty of working with a broker (you need to vet the broker) is that they already have established relationships with the banks, and can basically tailor a solution for you based on your needs.  If you are getting a LEGIT 5.41% rate, then run with it.  I quoted a high 5's/low 6's a couple weeks back on a 10-unit.  Granted, rates are expected to go up again.

Yes to all of the above. U.S. bank account, EIN, ITIN. LTV and rate is dependent upon the location, quality of the asset and performance, if rented.