All Forum Posts by: Scott Wolf
Scott Wolf has started 43 posts and replied 1799 times.
Post: 3/3 lenders have no idea about FHA loans

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Nolan Ring:
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'
There's a website where you can check who has done FHA loans in your area. Might help you find a lender. I believe this is it: https://www.hud.gov/program_offices/housing/sfh/lender/lende...
Post: Looking for a good lender in Quincy Illinois to refinance commercial mixed use and MF

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @James Jeffery:
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/
Hi James, my firm can handle the MF delas if they are 4 units or less. Let me know.
Post: New construction lending

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Elias Castillo:
Quote from @Jason Taken:
Quote from @Elias Castillo:
Hey guys! I am currently finishing up a new construction single family home on a paid of residential lot. Once finished it’ll be 100% equity. Im shooting for it to be appraised around 135k im all in 85k . Any tips on cash out refinance? I have 4 more paid off lots I was thinking on building on. Its going to be an investment property.
You've go the right idea. Do you want a DSCR loan (long term debt) or short term debt on the refi?
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.
Hey Elias,
Happy to take a look at the DSCR and the future builds.
Post: Looking for a Lender that will allow us to put the loan in our LLC name

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Moxie Fos:
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!
Depending on the location of the property, and your experience, we may be able to assist. Feel free to shoot me an email.
Post: DSCR Loan in Illinois

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Yusuke Koike:
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
Depending on experience, we may be able to get it done for you.
Post: Another post on Rates. Where I'm at & Where are you at?

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Ed O.:
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!
Depending on FICO, Leverage and Property Type, we're seeing rates in the mid to low 6's.
Post: Personal loan for deposit for DSCR

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Duane A. Snow:
Can I do this without it messing up financing on a DSCR?
Hi Duane, this can be done, but as others have said, it may not be the wisest financial decision.
My firm can do it, but the funds need to season in your account for a month. Happy to discuss if you'd like to learn more.
Post: Fed Cuts Rates by .5 - how should us newbies play this?

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Sam Rexford:
Quote from @Mike H.:
I think investors should very much be watching the fed is doing and trying to gauge how that may affect their business or business plans.
That being said, lower rates will bring back more buyers for sure. If the rates go low enough, it might bring back more sellers too. People with rates in the high 4's or low 5's may finally be willing to move on from their house if they can find a new rate in the mid 5's.
But ultimately, there's one thing that rates can't fix - supply and demand.
There simply aren't enough houses for the number of buyers that want them. And lower rates won't fix that.
Prices going up help that a bit because then the premium to buy a new construction home and pre-existing home isn't as great. If a new construction house costs 300k but a preexisting home costs 275k, that premium might be worth doing. But when you're looking at 340k for new construction and 250 for preexisting it makes it tough.
Its going to be interesting to see how they spur new construction more. Demand is there. But not at the price gap that currently exists.
Thank you! Appreciate this perspective!
As added insight, we're a direct lender, and we go off the 5 year treasury. The 5YR has gone up .09% in the past 4 days. The rates have been coming down since the Fed started talking about dropping them, as the market has been building it in. Our rates actually went up a little bit yesterday even after the rate decrease.
As mentioned before, I'd focus more on the deal and if it works.
Post: What do you think about these DSCR rates and fees?

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Su Pak:
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
Those seem a bit high. PPP is allowed in Ohio. But if all the info is correct, our rate would be 6.74% with a 1 year PPP.
2,500 origination and 1,505 underwriting fee.
Post: New Construction Loans for Builders or Individuals

- Lender
- Boca Raton, FL
- Posts 1,919
- Votes 933
Quote from @Anna Smith:
Naples, FL and surrounding area. I have a lot in Bonita Springs, FL that is ready to build that I need lending on. $177K land (refi), and about $589K for build. Finished value will be about $1,200,000. Looking for lower $ down as land is worth double now (around $300K). My company is Red Key Services LLC if you want to look me up. :)
Hey Anna, my firm LendingOne may be able to get this done based on experience. Feel free to give me a shout.