All Forum Posts by: Simmy Ahluwalia
Simmy Ahluwalia has started 108 posts and replied 1383 times.
Post: Non-Recourse Loan Products for a Three-Family Under $1MM
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Quote from @Jon Fletcher:
Is anyone familiar with any non-recourse loan products for a three-family being purchased through an LLC for under $1MM?
Jon, where are your properties located for the NR loan request?
Post: How do I have a hard money loan cover my rehab down payment?
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Quote from @Account Closed:
I am looking to fix and flip my first property in a few months and have been looking at using a hard money lender (HML). For rough numbers I am aiming at 150K for the property and 50K for rehab. With this in mind, I have been saving for 20% down (30K) on the property with the understanding that a HML will finance 80% of the property and 100% of the rehab... however the more I learn about draws for the rehab, the more concerned I have become that I am underestimating the amount that I need to have set aside. To get reimbursed from the lender, they send an inspector to review the work after I request and then Ill get paid 2-5 days later. But if contractors want 25% or more of the project cost up front, how can I get reimbursed if that 25% isn't against a specific line item in the scope of work such that an inspector can sign off on it? Do I need to have more like 42.5K saved up (30K for the property and 12.5K for the rehab)?
Has anyone found a good way to work around this to maximize their leverage and avoid having to use more of their capital for the the rehab on top of the property?
Henry, reach out. I know this is your 1st deal; however if the deal really pencils on the ARV and it's a good quality home/neighborhood and you know your numbers, we may can look at 15% cash down - Austin, correct?
Post: Loan products for leasehold condos in Hawaii
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Quote from @Rob Hilton:
Yes, looking to be a 30-yr fixed loan on the condo, and it's a leasehold property.
Ok, by leasehold you mean, variable lease structure?
Post: Financing the Purchase of Multiple Properties at Once
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Yes, blanket loans are available; however, the city/state will be important to know, along with the values of each property. Typically, the minimum property value for a blanket loan is $100k. Happy to chat.
Post: Loan products for leasehold condos in Hawaii
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Hi. So you're looking for an STR/Airbnb 30 year fixed on this Condo in HI?
Post: 15% Down DSCR Loan Specifically for STR
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
We offer 85% LTV, BUT, there must be a T-12 on the property showing historical rental data. Plus 730 FICO.
Post: Refinancing rehab from hard money
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
30 year term is not the issue here. It's very available, pretty much all we do. The concern here is title seasoning. How long have you owned the property? If 3-4 months, then we can help.
Post: Searching for Cash Investor to partner on first deal
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Hi Lee. Shoot me an email on the property and your Underwriting analysis - [email protected]
Post: Refinance cash out to grow
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
Ronald - please message me to discuss the Portfolio Loan Refi process.
Post: BRRRR Lenders without Seasoning Period
- Lender
- Atlanta, GA
- Posts 1,635
- Votes 192
William, some lenders will allow the borrower max LTV (after 1 month of title seasoning) as long as their cost to purchase and renovate the property, is equal to or more than their max LTV allowable, i.e. 75%