Updated about 1 year ago on . Most recent reply
DSCR loans for wrap mortgages
Hi, I have a house bought with hard money. I would like to resell it on a wrap and clear out the hard money debt with a DSCR loan
1. Ideally this happens without any seasoning/payment history period, since I am reselling the house and lose title upon sale. Is this possible? If not I can resell on a land contract so I retain the deed.
2. I sell for about 70% above my all in cost, eg purchase plus light reno totals 70k, I resell for 120k. If the appraisal supports the higher resale price am I likely to get my full cash out of the deal?
3. If anyone has some wrap friendly DSCR lenders in mind please let me know, thanks!
1. Ideally this happens without any seasoning/payment history period, since I am reselling the house and lose title upon sale. Is this possible? If not I can resell on a land contract so I retain the deed.
2. I sell for about 70% above my all in cost, eg purchase plus light reno totals 70k, I resell for 120k. If the appraisal supports the higher resale price am I likely to get my full cash out of the deal?
3. If anyone has some wrap friendly DSCR lenders in mind please let me know, thanks!