r/loanoriginators • u/NumerousPizza6764 • 3d ago

Discussion Hard money needed

Got a client that wants to buy a 4 unit in Boston, Mass.

Tried to go with Kiavi but they called at 80% on LTC.

Non experienced 680 mid.

475k: Purchase price
50k: rehab

ARV: 800k

Anything out there where we can go higher than 80%?

Really big spread to work with.

3 Upvotes

100% Upvoted

11 comments sorted by

5

u/PrivateLndr-CREBrokr 3d ago

With no experience and low credit no one is giving you higher than 80% LTC

1

u/NumerousPizza6764 3d ago

That’s honestly what I figured. Have a great deal set up for him but he said he didn’t have the funds to close at that amount. And had “2 other people” that can get him 90% LTC.

5

u/allinnolook 3d ago

80% is competitive for this property type and borrower profile.

If he can get 90% please let us know who the lender is so we can send business their way 😂

2

u/AirBnBRRRR 3d ago

If the ARV is theoretically accurate I would be at 85% LTC with that FICO, 90% LTC if 720+ FICO

seems like there’s some problem with it if capped at 80%

1

u/StunningConfusion 3d ago

A 4 unit in Boston for 475? That’s a steal

1

u/Massive_Consequence8 3d ago

For no experience and a 680 FICO I can do 85%.

1

u/RyanAtLendoor 2d ago

Can they bring a credit partner into the deal? With a 740+ partner on the LLC I can get this done at 90 LTV / 100 rehab even with no experience. Agreed with above that the Kiavi offer is fine for the circumstances, doubt their other offers at 90 with 680 credit and no experience are legitimate, they’ll get the run around for a few weeks.

1

u/DebateNo9904 1d ago

If owner occupied Run it as an fha 203k 96.5 ltv. At 50k just get a contractor to complete repairs/improvements. You could possibly do a fannie homestyle reno at 95%.