Recently Closed Single and Multi-Family Transactions in Michigan and Maryland
DRI Mortgage Lending recently closed (3) single-family and multi-family transactions in Michigan and Maryland. DRI Mortgage Lending is a private money lender who thinks “outside the box” with flexible lending solutions for real-estate investors. Here are a few examples:
1. Foreign National: Our lending team was contacted by a Foreign National who had a difficult time borrowing money for his robust portfolio of rental properties. He was inquiring about a cash-out for (10) single-family rental properties in Wayne County and Oakland County, Michigan. This borrower wanted to buy more single-family rentals in the area. DRI is very active in Michigan, so we immediately saw the value. We evaluated the deal and quickly approved the loan amount of $545,640.
2. Second Home: We were contacted by a borrower who wanted to buy a second home as an investment property in Annapolis, MD. He couldn’t get a conventional loan and had been declined by a number of other lenders. The borrower had poor credit, a sub-600 FICO score, and no W-2 income. He was about to lose the deposit on his property. Annapolis is one of the best sailing communities in the world and DRI was familiar with the positive aspects of this area. We closed the loan in 10 days for an amount of $700,000; saving the borrowers’ deposit and his dream for a second home.
3. Investment Property: An appraiser in the Michigan area reached out about an (11) Unit Multifamily property in Detroit, MI. He worked in the Detroit area and knew a good value when he came across one. He wanted to purchase and rehab the property with a loan amount of $315,000. This client was easily able to borrow from other lenders, but our deep experience in Detroit allowed us to easily analyze the property. We loaned the appraiser 90% of the purchase price, the highest LTV available, because we recognized the upside of the deal.