Hello Everyone.
Long time reader first time flipper.
Help please I need some advice. I have a multifamily property purchase price is 146k ARV 230K I am looking to HML then refi and hold onto the property long term. I need help with the refi portion of the deal. I don’t know if all lenders will refi a hardmoney loan or of there are special one’s for this. Can anyone point me in the right direction.
Thanks
At that LTV most conventional lenders or local banks should be able to get this done for you. You neglected to mention credit scores and other information vital to really being able to give you good advice.
Christopher is right. With that LTV there are numerous options. The true qualifier will be what your information is like. i.e. Credit score, income, debt, DTI, etc.
Does the property need much rehab work. If so you may need to put $ into the deal. Average HML is 70% arv which is just enough to cover the points/costs and purchase. Doesnt leave much room for interest reserve (prepaid payments or rehab work)
If you can go full doc the max ltv for a refi would be 80%. So at $230k arv the max loan would be $184,000. 70% for stated income verified assets.
Sorry that I left out the addition info.
Credit Score: 735
Income Personal: >90K
Only long term debt is student loan and mortgage. (1500/mo)
All credit cards are PIF monthly
Anymore info needed?
Thanks you guys
should be just fine