All Forum Posts by: Scott Wolf

Hi All!

I'm currently looking to acquire more deals and would appreciate any tips on finding legitimate private lenders. I have vetted and used contractors over the years, but the only thing holding me back is funding.

Also, if anyone is currently investing or looking to invest on the south and southeast sides of Chicago, please feel free to connect. I’d love to answer any questions, brainstorm, and help wherever I can. I currently own a duplex and a sfh (my primary resi) on the south side of Chicago.

Today I reached out to 3 different lenders in Northern Idaho about FHA loans for small multifamily properties (2-4 units).

Each lender gave me a different answer about the terms of the loan such as required down payments, max loan amounts, and a few other things.

Was hoping to find a lender that has experience working with FHA loans in multifamily, ideally in Norther Idaho (Coeur D'Alene). Does anyone have any names that come to mind? Thanks for any help'

Hi, I am looking for a lender to refinance a mixed use property in Quincy at 55% of value . Loan amount is 1M and property produces 180K of net operating income. Also have three small multifamily deals there totalling 1M that need to be refinanced and are also at low LTV's. Anybody know of a good lender for Quincy Illinois. Credit is high 600's/

I was thinking about a conventional loan on the property. The lender I spoke to mentioned it would be 75% of the appraised value. Im located in Lubbock, I haven't found a place that offers DSCR loans.

We have recently had an offer accepted and need to close within 30 days.

The property is located in Michigan and will be used as a short term vacation rental. We are seeking a loan amount of $125,000.

We are interested in securing a competitive interest rate and are looking to finance the property under our LLC name. Additionally, we are willing to personally guarantee the loan.

I'd appreciate any leads on Lenders who can help us with this! Thanks!

Hello,

My name is Leo. 

Does anyone know lenders or mortgage company providing a DSCR loan in Illinois?

I'm buying a small condo at $160k-$180k with 20% down.

Leo

It seems like the rate environment has finally crested for sure. 

Previously, I borrowed where my rate was the 5 year treasury plus 2 points. When the 5 year treasury fell too far, the bank doing this told me they were at the floor. This rate for me was 3.3% on a 5 year balloon with 20 or 25 year ams. These have been bank portfolio loans. All, at most, have had minimal fees - $500 for origination, etc. 

I closed a cash out refi this past week at a miserable 8.25%. The lenders I have historically worked with have not punished my rates for new construction, cash outs, etc. They've held to 80% ltv, which is fine for us.

I've got another lender now offering 7.49%. 

Where is everyone else at? 

I'm not interested in secondary market loans as they're a totally different animal. I am interested in DSCR loans, portfolio loans, or any other product that could work for me.

Thanks!

Can I do this without it messing up financing on a DSCR?

 Thank you! Appreciate this perspective! 

Hi, I'm looking to refinance my Canton, OH (44714) BRRR property. Assumptions I provided to a mortgage broker is below. Below that was her response to a 30 yr fixed rate DSCR rates, plus origination and underwriting fees.

I would appreciate this community's thoughts on these rates, origination and underwriting fees. Thank you!

Assumptions:

Credit 720

Single Family Investment Property

Property Value: $120k

Amount financed: $90k or 75% LTV

NO Pre-Payment Penalty (not allowed in Ohio)

DSCR Ratio 1.25+

30 YR Fixed Rate DSCR:

• 8.250% with $2475 in discount points. P&I payment: $660
• 8.125% with $2148 in points. P&I payment: $668
• 8.25% with $1800 in points. P&I payment: $676
• 8.375% with $1462 in points. P&I payment: $684
• 8.875% with $0 points. P&I payment: $716

Origination Fee: $4500

Underwriting fee: $1395