New to commercial investing Purchasing 7 unit and looking for no/light doc due to self-employed. Can I get to 80% ltv, 30 yr term?
What's a decent rate?
[{"id": "ilzoubi", "text": "12-14% because no traditional lender is going to give you that.", "replies": [{"id": "im0c3zo", "text": "Lol love this. I\u2019d lend him the money for that coupon, 4 pts in / 2 pts out. That\u2019s like a 25% return unlevered.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ilzu3xc", "text": "80% LTV in this market lol", "replies": [{"id": "ilzy8ro", "text": "Shh. Let him try. It will be back on the market as bank-owned in a year or two.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ilzu7mk", "text": "You'll probably be looking at 70% ltv, 20 year amortization, 5 year balloon, and rates around 6%, plus 1.25 or better dscr. Docs are lighter than a conventional residential mortgage but your income and net worth will need to be documented.", "replies": [], "depth": 1}, {"id": "ilzxeim", "text": "Why not 70% with a seller held 10% LTV 2nd on a 2 year balloon?  Is it rented? What's the DSCR? Score? State?", "replies": [{"id": "im1yysq", "text": "Thanks that's a good way to go for me. 5 of 7 are rented...under rented so dscr is around 1.0. Located in MD", "replies": [{"id": "im28tdd", "text": "I have STATED DSCR. So there's that.  Sounds jjuicy.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "im0p4zr", "text": "A 30 year amortization may be possible, but definitely not 30 year term. Probably 75-80% LTV depending on your market and the strength of cash flow and your personal guaranty if you plan on using an LLC structure.", "replies": [], "depth": 1}, {"id": "im1duns", "text": "No one is doing 80% ltv rn Freddie Mac Fannie Mae is 1.25 dscr but you won\u2019t find a deal cause all these sellers are trying ti get 6 month ago prices. Just wait 6 months to a year. There will be some better deals", "replies": [], "depth": 1}]