All Forum Posts by: Stephanie P.
Stephanie P. has started 186 posts and replied 4622 times.
Post: HELP WITH LOAN OFFICER
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
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Quote from @Paul Xiong:
HI I am a travel nurse who make about 86000 was told by my loan officer that because I am technically a contract based employment that she couldn't help us for another 2 years. Is there anyone here who can help us get through this problem?
Thank You
Owner occupied or investment property?
Post: Property with 1.3 million in equity. What to do with it?
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
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Quote from @Garrett Ayers:
I recently inherited a triplex that is completely paid off. I renovated each unit and now I am looking to leverage equity to buy another income property. Any advice on what kind of properties I should be focusing on? How do I get the most out of an equity loan? Is it possible with little or no cash?
Actually, something the others didn't touch on is location. If you inherited the property and it's 1.3M in DC or Maryland or California or New York, then it may be smart to sell it and deploy the proceeds in a more landlord friendly state. The point is, make the most of this life changing windfall.
Post: The hot ticket in DSCR lending is new construction/investor loans
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
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Picture this.
You're a spec builder and you've got inventory that's to be completed in the near future and rates have doubled and folks are having a hard time qualifying. What do you do?
Sell it as an investor and let the investors use DSCR money.
Why DSCR?
It's fast. It's easy. Investors are looking for inventory and Air BnB is still flourishing in areas like Orlando, Miami, Dallas, Houston, DC, Asheville and other areas where people would want to rent a house for a week or a month.
If you're a builder and have inventory, let us be your mortgage broker and help you move those properties.
All the best
Stephanie
Post: What apartment financing can I expect
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
- Votes 2,759
Quote from @Brian Plajer:
@Stephanie P. yikes, certainly wish I had a few million lying around to avoid financing. I also hope brokers are educating sellers to factor current rates into their price
Lots of investors are getting caught thinking they can get rates in the 6's and as a result, their numbers don't work at the LTV they're looking for. We're trying to get the word out. Unfortunately, when the rates shoot up like this (certainly not a normal cycle), people get stuck; especially after rehabs.
Post: Buying a property all cash, with intention to cash out refi
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
- Votes 2,759
Quote from @Patrick Sikorski:
Hi all - wanted to reach out if anyone has had any experience of purchasing small multi families all cash with the intentions to cash out refi immediately after? What are some pros and cons of this strategy? I found an investment property in which the seller mentioned they are more keen on taking a lower offer all cash. I have roughly 30% I can put down and a family member of mine said they can go in on the deal with me to get it across the line. I was thinking once closed to cash out refi and pay back my investor to own the property outright. Somethings I thought about was double closing costs but if purchased below market value will I be able to retain some of the closing costs after refinancing. This would be my first deal so any insights to this strategy or any other ideas would be great!
There are lenders that will allow you to refinance after 3 months using the new appraised value if you think you're buying under market. Not a bad way to go if your relative can wait a couple months to get their money back.
Stephanie
Post: Rates for a 6 unit property
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
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Quote from @Henry Lazerow:
@Nick Belsky maybe your overpriced loan products? I can get 6% on a 3 year ARM right now for 5+ deals and have several lenders in the 6-7% range on 5 year ARM 25 or 30 year terms.
For DSCR, @Nick Belsky's numbers are right on target. I just priced a 6 unit in Providence RI and the rate range was 9.75 to 10.25 on a 30 year fixed.
Doubtful you have several lenders in the 6 and 7% range on 5 year ARM or 30 year terms on a 6 unit, especially at 20% or even 25% down.
Post: Refinancing Multi-Family Buildings
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
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Quote from @Vasundhara Ranjani:
We have several multi-family buildings in Wisconsin where our notes are coming due (I know, rates are terrible now). We have the option to renew with our current bank (at a much higher rate) or find another bank for these buildings.
Can you please suggest GREAT lenders for multi-family buildings in Wisconsin?
Are there lenders that will do refinancing (no cash out) without an appraisal? We want to do these ASAP and not drag it out for > 30 days etc.
Appreciate any help with this.
Thanks in advance.
Let me see if I am reading this right.
You want a "GREAT" lender to refinance your existing debt without an appraisal, but you don't want it to drag out for >30 days.
Why don't we just write you the check right now. I'm sure you're good for it. LOL
Just go to your current bank and ask them to modify the existing notes and move on. It will be the fastest, least painful way to do it and may even make it under your 30 day threshold. No one has great rates right now. Take the path of least resistance with a bank that's already familiar with you, your credit and your buildings.
Stephanie
Post: What apartment financing can I expect
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
- Votes 2,759
A full doc bank loan would be the least expensive, but certainly the most intrusive. Not sure what the rates would be for those, but I just priced a DSCR loan for a 6 unit and at 75% loan to value, the rate was 9.75% on a 30 year fixed. The borrower has a decent credit score, but not great. Hope that gives you some idea.
Similar loan in August closed at 8.25% and it was in the 6's and 7's earlier in the year.
Post: Do commercial loans take credit into account when approving loan?
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
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Fix your credit and then buy. Doing it any other way is a recipe for disaster.
Post: Refinancing to pay off a seller-financed deal balloon?
#5 Mortgage Brokers & Lenders ContributorPosted - Washington, DC Mortgage Lender/Broker
- Posts 4,876
- Votes 2,759
Quote from @Dan Kossoy:
Hey community! New investor here, pardon any noob questions and appreciate your input.
Working on structuring a seller-financed deal that would include a balloon payment at the end (say, after 10 years). In that 10th year, is it possible to do some sort of conventional refinance in order to pay off the balloon?
Putting example numbers to it:
Balloon of 400k is due to the owner after 10 years. At that time, the house appraises for 500k. If I start a new mortgage with the bank, will they give me a check for 400k (80% of the 500k) that I could pass on to the seller to clear the balloon? From there, I'd make monthly payments to the bank to repay the 400k they lent? Any more details about this process I should know about? Anything I'm overlooking?
Thanks to all in advance.
For conventional or DSCR financing, cash out is generally limited to 75% on investor properties. Here's a link to Fannie Mae's eligibility matrix. No guarantees that it will be the same in 10 years though.:) https://singlefamily.fanniemae...