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Posted by John Broussard on March 08, 2010 at 18:14:48:
Here is the bridge program…
Interest Rates:
Less than 10%
LTV:
60% (65% in some cases)
Lien Position:
1st Trust Deeds Only
Commitment Fees:
None
Loan Amounts:
$200,000 up to $10,000,000
Loan Term:
12 months w/ Extensions
Geography:
California Real Estate Only
Documentation:
No appraisals or tax returns most of the time
Underwriting Times:
24?48 hours
Closing Times:
As little as 7 to 14 days
Property Types
Multi-Family
Office
Retail
Industrial
Hospitality
Non-owner residential
Special purpose properties of all kinds
Documents Needed:
Loan Submission Form
1003 Loan Application
Credit Report
Appraisal or Pictures of Property
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Cash Out Refi on Apartment? - Posted by SolidReturns
Posted by SolidReturns on March 06, 2010 at 12:02:55:
Hey guys,
I just bought a 4-plex with cash, and I’m in the process of rehabbing it and getting it rented out.
I’m looking to take out a 50-60% LTV 1st to get my cash back. Who is lending on such a project and what are their underwriting terms?
US Bank wants 2 years of docs. That’s too long…
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Re: Cash Out Refi on Apartment? - Posted by John Broussard
Posted by John Broussard on March 08, 2010 at 17:10:19:
What state is the property and whats the cash out loan amount?
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Re: Cash Out Refi on Apartment? - Posted by SolidReturns
Posted by SolidReturns on March 08, 2010 at 17:11:49:
California, and I want 50-60% of the appraised amount, which should be in the high 200s assuming an 8% cap rate.
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Re: Cash Out Refi on Apartment? - Posted by John Broussard
Posted by John Broussard on March 08, 2010 at 18:36:07:
Bridge loan programs…
Interest Rates:
Less than 10%
LTV:
60% (65% in some cases)
Lien Position:
1st Trust Deeds Only
Commitment Fees:
None
Loan Amounts:
$200,000 up to $10,000,000
Loan Term:
12 months w/ Extensions
Geography:
California Real Estate Only
Documentation:
No appraisals or tax returns most of the time
Underwriting Times:
24?48 hours
Closing Times:
As little as 7 to 14 days
Property Types
Multi-Family
Office
Retail
Industrial
Hospitality
Non-owner residential
Special purpose properties of all kinds
Documents Needed:
Loan Submission Form
1003 Loan Application
Credit Report
Appraisal or Pictures of Property