DSCR Lenders for Under $100k Purchase

[Alex Hileman]

Hey Everyone,

As many of you know, Pittsburgh is a unique market with a lot of opportunities in neighborhoods where properties can still be purchased for less than $100K. However, many DSCR lenders have a minimum loan amount of $100K, which can make it challenging for investors to secure financing for lower-priced properties.

I'm currently working with a lender that has a $50k minimum, and his rates and customer service have been great so far. His name is Dalton Godson with Nexa Mortgage and we're using a UWM product.

If you’ve found a lender willing to work with smaller loan amounts, what were their requirements and rates like?

I’m sure others here are also running into this issue, so any recommendations and referrals would be greatly appreciated!

Thanks in advance,

Alex

[Brandon Croucier]

The loans are available but nobody wants to do them.

There always seems to be something wrong with the properties, as lenders we just can't make enough $ for our time.

9/10 Borrowers also complain about the "excessive fees" for the loan amount.

If you are okay with paying 8k in closing costs then the loan is available.