All Forum Posts by: Tahsin Ishtiaque

Quote from @Brandon Croucier:

My Lowest possible property purchase price would be $68,750, with 20% down payment and we can allow up to a 2% seller credit attached.

We can connect if you would like to learn more.

Brandon!! I am looking at a property now at Ohio priced at 84k with 1.5 DSCR. I am struggling to find a DSCR lender to do that deal. Do you think you can do that and also are you a direct lender too and services your own loan?

Quote from @Tahsin Ishtiaque:

Quote from @Nate Herndon:

Quote from @Tahsin Ishtiaque:

I am looking to refinance one of the investment properties that I bought last December for 75k. I was working with a lender and they did the appraisal and it came back 92k. So with the 75% LTV loan balance came out at 69k but they did not move forward as there was a late payment that was 12 months old. Now most of the DSCR lenders min loan amount is 75k and I am sitting around 69K. I am looking for lenders who will do rate term refinance for this property. Its located in Garfield Heights, OH and currently under conventional mortgage. Any help will be appreciated. Credit Score is 724. I also have another investment property in Lorain area that has been appraised at 102k and current mortgage balance is 68k. I would be open to merge these two loans and make it a portfolio if needed to do the deal.

 Hi Tahsin, sounds like a tough scenario for some of the lenders you've spoken with so far. Here is an example loan summary of what I utilize for clients of mine who are looking for loan amounts between $50k-$75k. This program does not take issue with a mortgage late that is 12+ months old (or within the past 12 months either).

Happy to connect if desired.

 One of your colleagues from ipoloanexchange has been working with me on this deal and BPL Mortgage trust is the lender and they will not do this deal as their loan servicer Fay Servicing serves another loan on another property I had and they do not like the fact that payments are coming in 10th of the month. BPL also turned me down last December. So I am not willing to waste my time on them anymore. I will rather wait and do some improvements and make the property value go up over 100k so that my min loan balance is 75k so I have lot of other lenders to talk to. I am not happy with IPOloan exchange either. I paid 1300$ for the appraisal mentioning your co-worker that to make sure BPL can do the deal and at the end of the day it got rejected and my 1400$ went in water. So disappointing and I am not going to recommend you guys any more to any one. 

I will re-phrase my comment about IPO. I have no problem with IPO its basically the lender. I think my frustration came out in the comment as I run roadblocks twice with them and I already paid for my appraisal for 2 properties and I have to pay again to see if other lenders will do it or not. No hard Feelings on my side. 

Quote from @Greg Downey:

@Tahsin Ishtiaque, I'm actually somewhat familiar with this specific transaction. I'm happy to speak with you directly. My contact information is in my signature line. I certainly won't throw out any information beyond what you have put out in the forum already. I simply want to respond when someone is saying something negative about my company publicly. I think my response will also be educational for anyone who happens to read as well.

Information specific to how your payments are being made was brought to light after this loan was submitted to underwrite. There is no way that we reasonably would have known that level of detail before this loan made it to a full underwrite AND senior level review (which most loans do not even require senior level review, again this was a very unique situation). 

Notwithstanding, our team was able to put another loan option in front of you for these sub-$100k properties. Our understanding was, until we saw this post, that we were moving forward with that option. If that option isn't the best fit for you, then we have no problem not moving forward, especially if you think that you can improve the property value to over $100k. In which case we would be able to put some other options in front of you as well. 

No hard feelings as I certainly understand how frustrating real estate can be sometimes. We're happy to help with the current option that we have for you or these same deals in a different form. 

Again, feel free to reach out directly. 

 Thank you for your reply. I do not have any problem with IPO. I think my frustration came out in my comment . Its just so frustrating that I have to pay twice for appraisal for 2 properties and I am not sure whether the other lender will be able to do it or not. I have no beef or hard feelings on you guys. I am here to seek out lenders. I should not make those comments publicly.

Quote from @Nate Herndon:

Quote from @Tahsin Ishtiaque:

I am looking to refinance one of the investment properties that I bought last December for 75k. I was working with a lender and they did the appraisal and it came back 92k. So with the 75% LTV loan balance came out at 69k but they did not move forward as there was a late payment that was 12 months old. Now most of the DSCR lenders min loan amount is 75k and I am sitting around 69K. I am looking for lenders who will do rate term refinance for this property. Its located in Garfield Heights, OH and currently under conventional mortgage. Any help will be appreciated. Credit Score is 724. I also have another investment property in Lorain area that has been appraised at 102k and current mortgage balance is 68k. I would be open to merge these two loans and make it a portfolio if needed to do the deal.

 Hi Tahsin, sounds like a tough scenario for some of the lenders you've spoken with so far. Here is an example loan summary of what I utilize for clients of mine who are looking for loan amounts between $50k-$75k. This program does not take issue with a mortgage late that is 12+ months old (or within the past 12 months either).

Happy to connect if desired.

 One of your colleagues from ipoloanexchange has been working with me on this deal and BPL Mortgage trust is the lender and they will not do this deal as their loan servicer Fay Servicing serves another loan on another property I had and they do not like the fact that payments are coming in 10th of the month. BPL also turned me down last December. So I am not willing to waste my time on them anymore. I will rather wait and do some improvements and make the property value go up over 100k so that my min loan balance is 75k so I have lot of other lenders to talk to. I am not happy with IPOloan exchange either. I paid 1300$ for the appraisal mentioning your co-worker that to make sure BPL can do the deal and at the end of the day it got rejected and my 1400$ went in water. So disappointing and I am not going to recommend you guys any more to any one. 

I am available for a phone call. Please inbox me your number. I will give you a call shortly

I am looking to refinance one of the investment properties that I bought last December for 75k. I was working with a lender and they did the appraisal and it came back 92k. So with the 75% LTV loan balance came out at 69k but they did not move forward as there was a late payment that was 12 months old. Now most of the DSCR lenders min loan amount is 75k and I am sitting around 69K. I am looking for lenders who will do rate term refinance for this property. Its located in Garfield Heights, OH and currently under conventional mortgage. Any help will be appreciated. Credit Score is 724. I also have another investment property in Lorain area that has been appraised at 102k and current mortgage balance is 68k. I would be open to merge these two loans and make it a portfolio if needed to do the deal.

Thank you for your reply. I was able to find lenders that will fund that low and close out the deal

Sorry!! I did not come to the Bigger Pockets after I closed my deal. The lender I used in Guaranteed Rate who is a conventional Lender I bought the property for 75k and loan amount was 60k. You can also reach out to Daniel Brown at ipoloanexchange . I will send his contact in your inbox. He has a lender who will go down to 50k. I have worked with him twice but has not been able to close out with them as I got two late payments on that credit profile.

Quote from @Amy Mitchell:

Quote from @Austin McClain:

I'll send one that can do that your way. 

 Can you send me this info as well?

 @Amy Mitchell Can you please inbox me? I have 3 lenders I can share information about and I used all of them.

Thanks for your reply. I did find a loan agent and was supposed to close out a 75k deal with 2 late payments in credit profile in December and she closed out in 3 weeks with a traditional financing.