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mantixmortgage
2505 Posts |
 Posted - 05/01/2008 : 5:34:58 PM
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i need help with a 7 unit purchase.
750 fico, building produces about $7000 in rent. 950k purchase price.
basically i need to know how much the dude needs to put down and ballpark of what the rate will be. ideally he wants to put 15-20% down. self employed so he writes a lot off, yadda yadda. if anyone wants to help me with this i'll send you the file. i have the rent roll, expense report and some other data.
direct lender please
thank you |
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shizah
509 Posts |
Posted - 05/01/2008 : 6:27:00 PM
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If he's putting 20% down, I don't think that you will have a problem getting a loan. It looks like the DSCR would be alright. Here's a hint...try the local bank in your area and get it done.
You got a lot of the stuff already...get the P&L's also, figure 10% vacancy factor and 5% mgmt fee in also.
The fact he's self employed is most likely irrelevant since they base the deal off the property and not him. |
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mantixmortgage
2505 Posts |
Posted - 05/01/2008 : 6:44:36 PM
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yea i want to make sure 20% down will make the cap work and all that
thanks for the advice. |
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Matt W.
1771 Posts |
Posted - 05/01/2008 : 8:55:07 PM
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20%.
Please call for rate quote.
Thanks,
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gman1958
257 Posts |
Posted - 05/02/2008 : 07:56:37 AM
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Robert,
As a rule, 80 ltv is the norm now and anyone who tells you more...i would look at it the numbers very closely. Also, the higher the loan amount...the harder it will be to get the property to debt service!
So, the property needs at least a 1.20 dscr, fico of a minimum of 600 (full doc) 80 ltv max for this deal to go.
Ballpark rates would be 6.5 to 9% on a 5 year and 7.25 to 10% ona 30 yr fixed.
Please contact me to discuss and i will try and help you structure the deal.
thanks
quote:
Originally posted by mantixmortgage
i need help with a 7 unit purchase.
750 fico, building produces about $7000 in rent. 950k purchase price.
basically i need to know how much the dude needs to put down and ballpark of what the rate will be. ideally he wants to put 15-20% down. self employed so he writes a lot off, yadda yadda. if anyone wants to help me with this i'll send you the file. i have the rent roll, expense report and some other data.
direct lender please
thank you
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mantixmortgage
2505 Posts |
Posted - 05/02/2008 : 10:08:28 AM
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| thanks |
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PinnaclePeters
943 Posts |
Posted - 05/02/2008 : 10:23:22 AM
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At 80%, we'd be at 8.50% on a 30 fixed with no balloon, no "lock-out" / "Guaranteed Interest Recapture" clauses.
Just a good, old-fashioned 30 fixed. The "Set-it...and Forget It!" loan that allows him to budget and project cash-flows with confidence.
Great for those investors that plan on keeping a cash-cow like this for years; like in a family-trust, for the next generation, etc...
On a 5/25 ARM, we'd be at 6.90%. |
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mantixmortgage
2505 Posts |
Posted - 05/02/2008 : 10:26:21 AM
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| chris can you do california |
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PinnaclePeters
943 Posts |
Posted - 05/02/2008 : 10:29:02 AM
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Yep.
Most states (not sparsely populated ones, though...). |
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Mark_GMC
505 Posts |
Posted - 05/02/2008 : 8:40:24 PM
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| Love to take a further look at this one. We'll need a few more details to generate accurate pricing. Please fill out our quick, online submission form (link below) and we'll get started. Thanks and we look forward to working with you on this deal! |
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ccbank
1174 Posts |
Posted - 05/03/2008 : 09:14:38 AM
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| Will lend up to 75%. Can't quote rates without knowing more details. call me. |
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PinnaclePeters
943 Posts |
Posted - 05/05/2008 : 06:33:50 AM
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New rate sheet posted for this week... No changes from last weeks rates.
8.50% on a 30 Fixed fully amortizing, no lock-out or "guaranteed interest recovery" clauses.
No escrows for taxes/insurance required (with acceptible payment history).
No reserves required.
30 day source/season of funds to close.
Gift funds allowed.
Can quote rates confidently with minimal details because we don't require alot of details.
I mean, this isn't rocket surgery or brain science, now is it?
We don't want to take 3-4 months to do these. We're not on salary, like bankers.
I'm like you - I get my commission when it funds, so I'd rather get this done in weeks, not months
A simple product with simple guidelines for a simple transaction.
What commercial lending should be.
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kenvphan
451 Posts |
Posted - 05/05/2008 : 10:02:28 AM
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| With the limited info offered you are looking at a max loan amount of $550k due to Debt Service constraint. I hope this helps. |
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