[edgeworth]

Terms and pricing requested, please.

Deal Scenario --
Non-recourse loan for self-directed IRA real estate investor
Refinance of 5/1 ARM coming due on 10 SFR condo units in development located in Portsmouth, VA
90% Occupancy (9 units cash flowing / 1 unit in process of placing new tenant) / 1.74 DSCR
under professional property management
Loan Balance: $489K
Property Market Value: $625k
LTV: 78%
Borrower FICO: 814

[rdgllc]

Terms and pricing requested, please.

Deal Scenario --
Non-recourse loan for self-directed IRA real estate investor
Refinance of 5/1 ARM coming due on 10 SFR condo units in development located in Portsmouth, VA
90% Occupancy (9 units cash flowing / 1 unit in process of placing new tenant) / 1.74 DSCR
under professional property management
Loan Balance: $489K
Property Market Value: $625k
LTV: 78%
Borrower FICO: 814

The max we'd be able to do on a transaction like this would be 75% LTV. If interested in discussing further, feel free to send me a message. We'd need an REO worksheet to start in order to price it out.

[abfunders]

Keith, I don't know if you know all of the online lenders who do this, but there many of them. A 5/1 or 10/1 ARM would be a job, but wouldn't be so hard to find. Sounds like the refinance max LTV would be around 75%.

Take a look at what I put together at https://www.abfunders.com/rental
The amounts on there are off by about 0.25-0.35%, but it gives you an idea. Do this in one big blanket.

Great DSCR, recourse shouldn't be a problem. He just won't be able to net out everything. All that's required it to show 6 months of PITIA.

Contact me if you want some help.

[edgeworth]

Thanks RDGllc - I'm looking into the valuation method on the properties to make sure it's accurate. Investor bought this block of condos from a turn-key packager only four years ago for $899k. His PM never has had any trouble renting the units and they cash flow nicely. Can you go 30-yr fixed on this? Non-recourse, right?

[Jstarr]

I can.

Thanks RDGllc - I'm looking into the valuation method on the properties to make sure it's accurate. Investor bought this block of condos from a turn-key packager only four years ago for $899k. His PM never has had any trouble renting the units and they cash flow nicely. Can you go 30-yr fixed on this? Non-recourse, right?

[rdgllc]

Thanks RDGllc - I'm looking into the valuation method on the properties to make sure it's accurate. Investor bought this block of condos from a turn-key packager only four years ago for $899k. His PM never has had any trouble renting the units and they cash flow nicely. Can you go 30-yr fixed on this? Non-recourse, right?

Yes, non-recourse. 75% is possible assuming the portfolio debt services properly.

This would be a portfolio loan more than likely on either a 7/1 or 10/1 ARM.

Feel free to message me.