All Forum Posts by: Bridget Brick

Josie, we fund a lot of deals in OH. 
For the renovation loan, we have up to 100% financing. You can borrower up to 65% ARV with no flip experience.
Once you need to refi into the 30 yr fixed loan, we can do that with no seasoning, that way you can turn your money over faster into the next deal without waiting. 

Happy to help with financing once you get there. 

Rudy,
Memphis is great, we just closed a cash-out refi in Memphis for one of our borrowers, valued at $330,000. Initial purchase $197,000, rehab budget $44,500.  We can cash-out with no seasoning, meaning you don't have to wait 6-12 mos to get your equity/liquidity back out to turn over to the next deal. 
We can fund renovation loans 10-20% down payment on purchase price, and rehab budget 100% financed. Keep in mind with no experience you can only borrow 65% of the ARV for both the purchase and rehab budget.

Cheers to your future success and save us as a contact!

@Sultan Ali Thanks for the clarification. The timing of your response after mine could have the potential to look as such to others. Thus, on a public forum with someone as experienced as yourself, that would be difficult for a service provider like myself not to address and clarify. 

Thanks again for your quick response!

@Sultan Ali Was your comment in reference to my post? Happy to answer any questions you have for me as a wholesale lender, but I can assure you my answer was not from Chat GPT.  

If you want to observe and understand my communication style more (to confirm I'm not writing from Chat GPT), please check my Facebook page with 78K followers and my IG page with 16k followers. @thebridgetbrick

Cheers,

Ryan, lenders lock rates at different times. 

For example, we as a wholesale lender will give you a rate quote based on the rates the day you submit your deal summary. When it comes to locking we have 2 program options

Program 1 locks rates only after we submit the entire deal package to underwriting, about 2 weeks from the initial application (that's how long it takes to get 3rd party docs back like appraisal title and insurance), the rates could have changed during that 2 weeks process
Program 2 has a float-to-close rate, meaning the rate doesn't lock until closing week. 

The rates don't typically have drastic changes during this time period, but they can go up or down slightly from the day you were quoted.

Your lender should have let you know or given you a disclosure.

Ben my client @newttheentrepreneur on has used this exact method to biuld a $30mil RE portfolio in 5 years. He started by finding a SFR property in Philly for $80-100k.

With the right lender, a newbie can get a renovation loan for 15% down payment on the purchase price - in this case $15k (Of $100k purchase) - so the remainder $85k + the entire renovation budget of $80k was financed. He already had his GC license, but you don't need one to do your own renovations, you just need to know what you're doing.
Before buying he made sure that area was zoned for multifamily, he converted into a duplex. The ARV was $300k, in part because we were also able to sign up his preferred appraiser to the AMC panel in the refinance process.

Investors can cash-out 75-80% LTV of the new ARV. That gave him a loan of $225k, minus the $180k outstanding loans and credit. He was left with about $40k to roll into the next projects. Again, 5 years later he has a portfolio of $30mil in RE. check out his IG page, I think he still does his mentee cohorts where he teaches all of this.

We can help with both the renovation loans and the BRRRR cash-out refi once complete. No Seasoning required.

You just have to purchase at the right price with the ARV already in mind. An example you should keep in mind, for someone with no experience you can't borrow more than 65% LTV of the ARV. For example if the ARV is $300k, you can't borrow more than 65% of that, or $195k to fund both the purchase and renovations. There are only a few markets where values are still low enough to make sense, Philly is one of them. Where there's a will there's a way, but the right team around you is paramount.

Josephine, we're not Canadian, but we can help you get funded once you do find US properties you'd like to invest in. We can do up to 65% LTV for foreign nationals.

Happy to help answer any other questions about financing that pop up!

Do you have any equity in the 3-unit you already own? 
For our investors in this situation, we just do a cash-out Refi (up to 75% LTV) or HELOC (up to 90% combined LTV) on the investment property to unlock liquidity so it can be used as a down payment on the next property.

Happy to help if that's something you wan to explore.

@Devin Bowbliss I have a client who scaled his BRRRR portfolio from $15k to $30mil in 5 years. He started as buying SFR in Philly for $80-$100k, (confirmed zoning for multi-family) and converting them to a duplex for another $80k.

He was able to get Rehab loans for 10-15% down payment on purchase, while the rehab budget was fully financed. He would end up with about $40k after each cash-out. He kept rolling that money into more and more projects. He had his GC license from the jump although you don't need it for renovations. He eventually broke into ground-up construction and now does larger-unit builds. Follow him on IG @newttheentrepreneur

When you're ready, we can fund up to 100% on purchase price and renovation loans, and once complete, cash-out 75-80% LTV on new ARV with no seasoning.

Zalman, I have a client who scaled his BRRRR portfolio from $15k to $30mil in 5 years. He started as buying SFR in Philly for $80-$100k, (confirmed zoning for multi-family) and converting them to a duplex for another $80k.

He was able to get Rehab loans for 10-15% down payment on purchase, while the rehab budget was fully financed. He would end up with about $40k after each cash-out. He kept rolling that money into more and more projects. He had his GC license from the jump although yo don't need it for renovations. He eventually broke into ground-up construction and now does larger-unit builds. Follow him on IG @newttheentrepreneur

When you're ready, we can fund up to 100% on purchase price and renovation loans, and once complete, cash-out 75-80% LTV on new ARV with no seasoning.