All Forum Posts by: Juan Ayala
Juan Ayala has started 40 posts and replied 89 times.
Post: Issue with refinance in SoCal due forbearance
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
BP Family,
I am having a hard time finding a lender who is willing to help me with a refi on my investment property. Lenders are giving me mixed messages about when I can start the process and what needs to happen since I am currently in forbearance. Once I found out about the three-month period before I can refi I contacted my bank to end the forbearance but unfortunately, it takes them a few months so Sep 30 is when it ends. I am paying my mortgage starting Sep 1 to get back on track. One lender told me I would have to pay the entire forbearance amount even though my current lender told me they would defer it to the end of the loan. I am wanting to take advantage of the low rates and consolidate a HELOC. Any advice BP family on when I can start the refinance process? Who can help me? What should I do?
Also, wanting to buy a property for myself and my family as soon as this refinance is done. So maybe a double deal for a lender out there with better customer service.
Thanks in advance!
Details:
-Refinance investment property in Los Angeles
-Owe $309k at 4.125% int rate & property valued at $550k - $600k
-HELOC $60k 10% int rate
-Credit Score 780 w/ a clean record
-No cash-out
Post: EIDL Collateral Confusion
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Originally posted by @Matt Kelling:
I just spoke with an attorney for the SBA yesterday and again today and what she told me was different than what several people stated above. She indicated that collateral can not include real estate but rather your (business) personal property and they already estimated your collateral available when they determined your loan amount. She advised me to email disastercustomerservice @ sba.gov to determine what exactly they were utilizing as collateral since the terms of the contract are made to cover the thousands/millions of people who are taking loans. Also, she was very clear that this loan does not show up on a credit report unless it goes into default (I'm not sure how that's possible).
Do you have the contact info for the attorney at the SBA that you reached? I have tons of questions and I don't get clear ones from the normal disaster line. Thank you!
Post: SBA EIDL Loans are ELIGIBLE for Rental Properties
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
I just applied now and got the confirmation. Waiting on them to reach out. Anyone already had the SBA reach out and or received the funds?
Originally posted by @THU NGUYEN:
Anybody knows if we can attach the following when you filled out the form online? I didn't see any place to ask for attachment. Just basic information asked, gross rev, loss rent, operating cost, and owner info from the website, then submit.
Are we waiting to hear back from SBA before we submit below forms? TIA.
Anyone has done it and got response back yet?
--------
Basic Filing Requirements
Completed SBA loan application (SBA Form 5).
• Tax Information Authorization (IRS Form 4506T)
for the applicant, principals and affiliates.
• Complete copies of the most recent Federal Income Tax Return.
• Schedule of Liabilities (SBA Form 2202).
• Personal Financial Statement (SBA Form 413).
Other Information may also be requested.
Post: Coronavirus and late or no rent payments
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
@Arthur P. Me and my wife are also concerned about this...We could pay our mortgages for a few months, but once those contingency funds run out we are going to apply for a SBA disaster loan. Here’s more info for those of us in the Los Angeles market;
https://hcidla.lacity.org/covid-19-eviction-moratorium
Post: Seeking Legal Assit w/ Florida eviction
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Seeking professional for eviction in Kissimmee, Florida.
Post: Private lender for $55,000 loan in Southside Chicago
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Hi Patrick, i work with a direct lender who can help you out if your still in the market for a lender. Feel free to reach me on here or by email [email protected]
Post: Seeking CA HELOC Lender NOO w/ existing bank appraisal report
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Originally posted by @Reginald Truss:
Juan, we have a minimum and a maximum where do you fall?
Reggie Truss
<$40k would be good for me.
Post: Seeking CA HELOC Lender NOO w/ existing bank appraisal report
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Originally posted by @Reginald Truss:
Juan, before we go any further how much money do you need?
Reggie Truss
I don’t need a specific amount. I’d like to see terms and what’s the most I can borrow.
Post: Seeking CA HELOC Lender NOO w/ existing bank appraisal report
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Looking for a lender who would give me a HELOC on a investment property with 73% LTV in California? I just refi the property a few days ago so i have an appraisal that was just done about two weeks ago. I'd like to find a lender that would use the appraisal from the bank i re-fi through. Any suggestions?
Post: Seeking Owner Occupied Refi Los Angeles 50-60% LTV
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
We are not looking to cash out refi and yes I am referring to a lender who would do an automation valuation model appraisal.