Does anyone know of any DSCR lenders that loan under $75,000?
Has anyone come across any DSCR lenders willing to fund loans smaller than 75K? There's a bunch of property in my old hometown of Baton Rouge under 75K but I can't seem to find anyone willing to lend that low for investor loans. Any help is greatly appreciated.
I've searched all over for this on behalf of clients and can't find < $75k either. Would a local commercial banker or business banker be able to help?
- 262.955.5168
- https://barrettfinancial.com/lzwirlein
- [email protected]
Similar to what @Lyndsay Zwirlein recommended, call your local credit unions. They are usually pretty helpful with these types of loans and like to build out the local community.
Alternatively, if they are undervalued properties that need some TLC you could go that route and force the appreciation.
Hope this helps!
Quote from @Lyndsay Zwirlein:
I've searched all over for this on behalf of clients and can't find < $75k either. Would a local commercial banker or business banker be able to help?
I'll have to give it a shot! Thanks for the response!
Quote from @Kevin Woodard:
Similar to what @Lyndsay Zwirlein recommended, call your local credit unions. They are usually pretty helpful with these types of loans and like to build out the local community.
Alternatively, if they are undervalued properties that need some TLC you could go that route and force the appreciation.
Hope this helps!
The areas I'm targeting will likely not have the greatest ARV. Definitely great for cash flow only. Will definitely go local to see what I can do. Thanks for the response!
local banks are the way to go with the small ones. it will be based of the dscr of the property but also you DTI.
@Aaron Lathan……..Try BHG Financial….. ask for Krystian. 315 679 5096…. Let me know how it works out.
Quote from @Joyce Williams:
@Aaron Lathan……..Try BHG Financial….. ask for Krystian. 315 679 5096…. Let me know how it works out.
I’ll give it a shot. Thanks Joyce. Have you used them before? How was your experience?
Quote from @Eric Goldman:
local banks are the way to go with the small ones. it will be based of the dscr of the property but also you DTI.
I’ll start calling around. From the 20 or so credit unions in Baton Rouge it looks like most of them advertise 75K limits but I’ll draft up a presentation to just present data. Thanks for the response.
Yes, I’ve used them before. My experience was pretty good.
Quote from @Joyce Williams:
Yes, I’ve used them before. My experience was pretty good.
Thanks! I’ll give her a call in the morning.
He’s a him. Lol
Quote from @Aaron Lathan:
Quote from @Eric Goldman:
local banks are the way to go with the small ones. it will be based of the dscr of the property but also you DTI.
I’ll start calling around. From the 20 or so credit unions in Baton Rouge it looks like most of them advertise 75K limits but I’ll draft up a presentation to just present data. Thanks for the response.
talk to the commercial department... they typically don't have limits.
Thanks for that gem! I appreciate that 🙌🏽
Quote from @Eric Goldman:Thanks for that gem! I appreciate that 🙌🏽
Quote from @Aaron Lathan:
Quote from @Eric Goldman:
local banks are the way to go with the small ones. it will be based of the dscr of the property but also you DTI.
I’ll start calling around. From the 20 or so credit unions in Baton Rouge it looks like most of them advertise 75K limits but I’ll draft up a presentation to just present data. Thanks for the response.
talk to the commercial department... they typically don't have limits.
Haven't used them, but so far I only know of one lender that goes down to $50k in some instances. Most are $75k-$100k+
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Broker Ohio (#NMLS 2339224)
- Barrett Financial Group, L.L.C.
- 330-354-6590
- [email protected]
There is also a way to do it with more than one property at once. You would have to find a lender that allows cross collateralization of the properties on DSCR loans and you would have to do a few at a time.
Just a thought.
Quote from @Brittany Minocchi:
Haven't used them, but so far I only know of one lender that goes down to $50k in some instances. Most are $75k-$100k+
👀 what lender? Lol.
Quote from @Matthew Gaddis:Haven’t thought about that! Thanks for that gem 🙌🏽
There is also a way to do it with more than one property at once. You would have to find a lender that allows cross collateralization of the properties on DSCR loans and you would have to do a few at a time.
Just a thought.
We can go as low as 55k funded after dp. At that point though it isn't as much about the value as it is about the livable condition. But we can. Always happy to chat.
Quote from @Jesse Holsapple:
We can go as low as 55k funded after dp. At that point though it isn't as much about the value as it is about the livable condition. But we can. Always happy to chat.
Awesome! Shot you a request. I'd love to go over specific properties with you to see if it's feasible.
Quote from @Aaron Lathan:
Quote from @Jesse Holsapple:
We can go as low as 55k funded after dp. At that point though it isn't as much about the value as it is about the livable condition. But we can. Always happy to chat.
Awesome! Shot you a request. I'd love to go over specific properties with you to see if it's feasible.
In the same boat in St Louis. Were you able to find something? Did Jesse Holsapple work out?
Quote from @Brittany Minocchi:
Haven't used them, but so far I only know of one lender that goes down to $50k in some instances. Most are $75k-$100k+
what lender?
I can help you with that if you still need someone.