All Forum Posts by: Tony C.

Thanks @Jeff Kehl. Those questions you have posed are obviously just a few of the many check list items I will have to review before closing. I was just asking a high level question and I have gotten my answer from the other BP posters.

Thanks @Joel Owens 

The building (late 1960s) and land (around half acre) was previously used for retail and is currently non-operating with a bunch of merchandise inside the structure. The plan is to purchase the property from the seller, raze the building, and develop a single story (or double as zoning permits) multi-office units. Each tenant would have a separate space/discrete door to conduct business. In this situation, are you saying big banks would want me to partner with a more experienced entity? If this is the case where I partner with someone who has done enough commercial previously, will big banks lend on the purchase+demo+development?

With regards to forward commitment from a tenant, are you saying I have to get a tenant lined up before a big bank will close on the financing?

Hi BP - there may be an obvious answer to this question: do big banks usually lend on commercial assets that are vacant upon purchase? If I plan to purchase the property as is, demo all the structures on the land, and rebuild, will a big bank help, in terms of lending, on the purchase + demo + rebuild costs? 

If not, alternatively, what are feasible options for seeking financing for purchase + rehab + rebuild?

Thanks!

@Isaac S. Yes. It's single family residence zoned.

Hi,

I have a SFR in the suburbs of NYC. The SFR has 2 floors. The 1st floor is where the owners' live. The 2nd floor is a spacious 3/2 and currently vacant.

Besides Airbnb, how can I legally lease the upstairs out or generate income with the 2nd floor?

Let me know thank you!

Best,

Tony 

Hi BP,

I currently have 4 conventional loans (1 condo primary residence, 3 SFR investment properties) and am trying to potentially refinance a free & clear 5th detached SFR investment property. Would anyone be able to recommend a portfolio lender to help me with the 5th one? FYI - my DTI is about 55% so conventional is not an option.

Much appreciated!

Best,

Tony

Hi BP,

I currently have 4 conventional loans (1 condo primary residence, 3 SFR investment properties) and am trying to potentially refinance a free & clear 5th detached SFR investment property. Would anyone be able to recommend a portfolio lender to help me with the 5th one? FYI - my DTI is about 55% so conventional is not an option.

Much appreciated!

Best,

Tony

@Jon Huber Thanks!

Hi BP - I know this has been asked several times previously. However, here is my situation:

I'm trying to do a HELOC on a single family investment property. It already has a 1st position lien. The HELOC would potentially be 2nd position. I found 1 lender that will do 50-55% LTV but that is too low for my needs as I'm looking to draw out more equity.

Do you know of any lenders who can do 70-75% LTV?

Let me know thank you!

Hi BP - I know this has been asked several times previously. However, here is my situation:

I'm trying to do a HELOC on a single family investment property. It already has a 1st position lien. The HELOC would potentially be 2nd position. I found 1 lender that will do 50-55% LTV but that is too low for my needs as I'm looking to draw out more equity.

Do you know of any lenders who can do 70-75% LTV?

Let me know thank you!