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Please call me Saturday morning, Dec. 11th PST - 209 481 0514. Thank you. Sorry I have not been able to get to you.
I have left three messages.
my number is in the post your not at your 800 number,
You can refi out of a bridge loan into a HUD 223(f) loan providing you qualify.
HUD loans are ideal for those who are going to hold onto the property on a long term basis as they are expensive to obtain and have a hefty pre-payment penalty (PPP).
Here are some facts for you to consider:
-Most HUD lenders don't entertain loans under 2M, but I've gotten a term sheet on a 1.5M project.
-The property must be stabilized at 90% occupancy for 3 consecutive months to be considered.
-HUD likes you to have prior experience owning multi-family properties.
-No cash-out allowed on properties newer than 3 years and the borrower must have held the current note for 2 years (this is a new rule).
- Typically, the most expensive component is the replacement reserve, but there are also HUD inspection fees, a phase 1, an application fee of 1/3 of 1% of the loan amount, MIP if over 80%, and audit fee, etc.
- HUD 223(f) loans go up to 85% LTV on a 35 year term
-Typical PPP is 10 years. This is normally broken down into a 2 year lockout followd by a step-down PPP.
-Loans are assumable and non-recourse.
My Exit value is based on an mai Appraisal and the fact I have done this over and over.
Anthony, where are at in obtaining this loan? I have asset based lenders but not in Florida. However, I will call one of my investors in Florida whose partner was one of the largest asset based lender in Florida. Please let me know if you want me to continue.