All Forum Posts by: Tony Severance

@Frederick Lee  I am a lender who works with investors every day.  I close deals for investors buying SFRs all they way up to small apartment buildings.  I have been in this business a loooong time and have seen so many scenarios I can't even count them all.  Let's connect so I can share some of my knowledge with you.

@Jeffery Wireman
I am a well seasoned lender who just escaped Austin and now live in the DFW area.  I work with investors on a daily basis and would like to connect with you.  Perhaps we can grab a cup of coffee and I will let you pick my brain!

Don't always assume DSCR is the only path in this scenario. There are other options such as Bank Statement and 1099 based loans out there. They include more paperwork and the rates are generally slightly better than DSCR, but DTI is a factor.

@Silvio R. Romanello Not only do I close loans in Florida on a regular basis, I see new scenarios almost daily.  I also regularly have calls with new investors where you get out your paper and pencil and start taking notes!  I enjoy working with new investors, so reach out any time to ask questions.

Yes, 15% down 30 year fixed conventional investor purchase loans are available.  I just ran a quote with one of the national banks that we work with on a regular basis.  Find the right lender who has access to this type of program.

@Bob Foglia As others have mentioned above, taking cash out of a property via a mortgage within the first six months is call Delayed Financing. This is how it works...The value of the property when calculating your LTV will be either the purchase price or the Appraised value, whichever is LESS. However, if you have made improvements to the property, you can submit the verifiable costs of those improvements and add them to the purchase price to reach a cost point of your acquisition. You then multiply the Max LTV % to that cost point to determine your loan amount.

With all of that said, I am in the process of doing a couple of no-seasoning cash out refinances in Florida via a DSCR loan. Great product!!

@Kailey Van Camp You are correct, some won't allow for this but most of the better DSCR lenders I work with allow for equity loans to be used to fund down payments. I recently had a foreign national do this to by three more investment properties in Florida. Unfortunately, the bank I referred him to stopped doing investor HELOCS. However, as I posted above, options are starting to open up.

Hi @Christian Leon, I found a source for an investor HELOC in Florida. The initial loan is for the full amount you are approved for and choose to receive, then you can pay off as much as you like whenever you like and have that borrowing power available for the remaining draw period. I think is is a great solution for your situation!! DM me for more details.

Since you know the amount you need to execute your purchase, I suggest you look at getting a HELOAN. This is different from a HELOC because it is a stand alone second lien that is a not an open line of credit, rather a loan for a set amount. For example, if you are approved to borrow $100K from the equity in your investment property, you take the entire $100K at once instead of drawing $25K here, $15K there, etc. as you would with a HELOC (which are unicorns in the industry right now). What type of properties are your other investments (SFR, 2-4 unit, Condo)?

Hi Sterling,
Darin, is correct. Investor HELOCs are unicorns in our industry right now. HELOANs are available, but in this situation, you may as well do a simple cash-out refinance to lock in a lower interest rate. Regarding closing in an LLC...We do it every day at 75% LTV on cash-outs in LLCs at rates much lower than what Darin's clients are experiencing. DM me if you would like to discuss your options. I am licensed in Florida.