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Investment Property Loans
Posted on 7/7/22 at 1:42 pm
Posted on 7/7/22 at 1:42 pm
Good afternoon MT,
What kind of terms/rates are y’all seeing on investment properties such as rentals? Last I had heard it was tough to get anything other than a 5/1 ARM.
Thanks!
Also I have contacted my lender just checking what everyone else is seeing.
What kind of terms/rates are y’all seeing on investment properties such as rentals? Last I had heard it was tough to get anything other than a 5/1 ARM.
Thanks!
Also I have contacted my lender just checking what everyone else is seeing.
4
Posted on 7/7/22 at 1:53 pm to PolarPop5
We've got two more under contract right now so will find out soon. I'm expecting ~6 to 6.5% on a 30 year
Posted on 7/7/22 at 1:58 pm to PolarPop5
Do you mean commercial investment property loans? There is a difference from that and just a SFH rental investment. From what I have seen a commercial property loan will be a 5-7 year loan amortized for 20 years.
Posted on 7/7/22 at 2:03 pm to Tigerholic
I have some non bank lenders that don't require any tax returns and all that garbage. 30 year fixed rates probably high 5's, low 6's. 30 year amortization too.
email me if you want me to run some ballpark quotes for you. Lnobles@redstickcapital.com
Also, has to be in and LLC which I would recommend anyway and it doesn't go on your personal credit report, which I'd also recommend.
Need:
Property Address
Monthly lease amount (or market rate)
Annual Taxes
Annual Insurance
Annual HOA
Estimated Credit score.
email me if you want me to run some ballpark quotes for you. Lnobles@redstickcapital.com
Also, has to be in and LLC which I would recommend anyway and it doesn't go on your personal credit report, which I'd also recommend.
Need:
Property Address
Monthly lease amount (or market rate)
Annual Taxes
Annual Insurance
Annual HOA
Estimated Credit score.
This post was edited on 7/7/22 at 2:04 pm
Posted on 7/7/22 at 2:04 pm to Tigerholic
quote:
There is a difference from that and just a SFH rental investment.
This is important. If it’s a single family home, put the house in your name and finance it that way. If you’re worried about liability, claim the house back into a LLC or trust after some time of making on time payments.
Posted on 7/7/22 at 2:14 pm to Athletix
quote:
If it’s a single family home, put the house in your name and finance it that way. If you’re worried about liability, claim the house back into a LLC or trust after some time of making on time payments.
Except it sits on your personal credit report year after year. yes, you MAY get a slightly better rate on it, but I have low doc commercial lenders that will do a SFH in the LLC on a 30 year fixed rate.
If you go to a local bank on the commercial side, it will be a 5-7 year loan with a 20 year amortization. you are correct there.
Posted on 7/7/22 at 3:16 pm to Tigerholic
I am considering a Duplex.
Posted on 7/7/22 at 3:17 pm to Im4datigers
quote:
I have some non bank lenders that don't require any tax returns and all that garbage. 30 year fixed rates probably high 5's, low 6's. 30 year amortization too.
This would be the way to go. OP should give you a buzz.
Posted on 7/7/22 at 3:21 pm to Tigerholic
quote:
This would be the way to go. OP should give you a buzz.
Thanks for the unpaid plug
Posted on 7/7/22 at 3:41 pm to Im4datigers
Listen to Im4datigers. Put Tigerdroppings as your referral contact on your loan paperwork so they know what's up.
Lending One, Coastal Capital Funding, and Lima One are options too. Research to see who meets your needs.
Lending One, Coastal Capital Funding, and Lima One are options too. Research to see who meets your needs.
This post was edited on 7/7/22 at 3:43 pm
Posted on 7/7/22 at 4:00 pm to hey benji
Yeah, just be careful with some of these. You're going to start to see some of these go belly up, like Sprout Mortgage did yesterday. You really have to know who you're speaking with. Not that there's a ton of money at risk as you usually just pay for the appraisal upfront and that's all, but you just want to make sure who you are dealing with is going to get you to the finish line.
A lot of these lenders are also like SBA lenders. The pricing doesn't sway too much from one lender to the other and the underwriting it all pretty straightforward so you really just go with someone that can execute.
Happy to help anybody looking as I have three or four go to's that always execute as promised - LNobles@redstickcapital.com
A lot of these lenders are also like SBA lenders. The pricing doesn't sway too much from one lender to the other and the underwriting it all pretty straightforward so you really just go with someone that can execute.
Happy to help anybody looking as I have three or four go to's that always execute as promised - LNobles@redstickcapital.com
Posted on 7/7/22 at 4:03 pm to Im4datigers
saving this post.
I do a hand full of fix and flips throughout the year in NOLA. I'll definitely reach out to you Im4datigers.
I do a hand full of fix and flips throughout the year in NOLA. I'll definitely reach out to you Im4datigers.
Posted on 7/7/22 at 4:05 pm to hey benji
Posted on 7/7/22 at 4:49 pm to PolarPop5
I work for a community bank in louisiana. For a duplex we would do a 5 year term and 20 year amortization. Rates are moving higher most banks will be doing shorter term deals
Posted on 7/7/22 at 5:27 pm to Im4datigers
quote:
You're going to start to see some of these go belly up, like Sprout Mortgage did yesterday.
What happens if the lender goes belly up when you buy the property? Are you at risk? Your payments just go to the creditors correct?
Posted on 7/7/22 at 5:36 pm to soupboy10
That’s typically what I do and under an LLC still getting rates in low 5’s. I have several properties with them and never been late so I’m hoping it’s a continually good rate
Posted on 7/7/22 at 5:47 pm to hey benji
quote:
Put Tigerdroppings as your referral contact
Should probably also be listed as a contingent liability on your PFS
Posted on 7/7/22 at 6:09 pm to Bussemer
quote:
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quote:
What happens if the lender goes belly up when you buy the property? Are you at risk? Your payments just go to the creditors correct?
Note is sold just like a regular mortgage and then the servicer is who you make payments to. The originating company doesn’t matter after it closes.
Posted on 7/7/22 at 7:48 pm to Im4datigers
Do you do stuff in FL too?
Posted on 7/7/22 at 8:16 pm to TheOcean
quote:
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quote:
Do you do stuff in FL too?
Yea sir. Nationwide.
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