I own an LLC which has been in the business of residential real estate investing. My portfolio is over $10,000,000 with roughly 20% equity. I am interested in several things:
1. Conversion of a Newport Beach duplex into 2 condos for sale. The current value of the property is $1,850,000 and the future value is $3,500,000. Total debt is $1,393,000. I am aware I can get financing based on future value but to what CLTV? Can I use the equity instead of cash as it is difficult to refinance further equity out as it already has a first and second and is non-owner occupied?

2. I am interested in purchasing other properties to use either as rentals or to convert into condos as well. I know I can get proceeds for the purchase as well as the construction but how much will have to put down?

3. I am interested in purchasing land (maybe an acre or 2), subdividing and building 4-8 houses. With all of these projects, what is the maximum loan amount to any one borrower? Will they consider these different projects and fundaccordingly or will they lump me/my LLC into one borrower and cap funding?

Finally, I am a stated income borrower with FICO of 750+. I am having difficulty finding financing based on stated income or limited doc. Can you advise? I am ever so grateful!

Karen I believe I can help you. Is that newport beach in VA if so contact me and we can discuss your options

Karen,

Regarding your scenarios there are a couple of ways in which we can do them:

1. The condo conversion in Newport can be banked conventionally. I can get you a loan based on 70% of the future value.

2. The purchases and conversions can be banked conventionally. I can get you up to 70% on the purchase portion and 100% on the conversions and construction.

3. The raw land purchase will have to be done Hard Money. We can lend up to 65% on the purchase. The 35%-50% need for down payment can be in the form of cash or assett cross collateralized.

4. I can direct bank you all your commercial or residential deals Stated Income up to 100% financing with a 6% concession.

Give me a call and we can discuss further.