DSCR loan lenders/ AirDNA rental income - Baltimore

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DSCR loan lenders/ AirDNA rental income - Baltimore

Ioulian StoitchkovPro Member
Member since 2021 · 9 posts · 7 votes

Hi all,

I am looking for DSCR lenders that operate in the Baltimore market. Preferably, those lenders accept rental income from AirDNA as the property I'm looking to refi is on the higher price range.

Thank you!

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y
    Quote from @Ioulian Stoitchkov:

    Hi all,

    I am looking for DSCR lenders that operate in the Baltimore market. Preferably, those lenders accept rental income from AirDNA as the property I'm looking to refi is on the higher price range.

    Thank you!


     Baltimore can be tricky given the recent news... But there are still options. Do you have an appraisal completed?

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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  • Ioulian StoitchkovPro Member
    OP
    Member since 2021 · 9 posts · 7 votes
    1y

    Hi Erik,

    No appraisal yet - rehab will take another month and in the past the appraisal was ordered by the lender as part of the refi process.

    I'm doing some planning once work is complete as to your point there are a bit of challenges in the market at the moment.

    0Reply
    • Chris SeveneyBusiness Member
      Moderator
      Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
      1y

      @Ioulian Stoitchkov currently many of the DSCR lenders are not doing loans in Baltimore due to the fraud issue. Typically if it is a short term rental, you will need an air DNA report, but if it's a long-term rental, they won't take air dna

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    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      1y
      Quote from @Ioulian Stoitchkov:

      Hi Erik,

      No appraisal yet - rehab will take another month and in the past the appraisal was ordered by the lender as part of the refi process.

      I'm doing some planning once work is complete as to your point there are a bit of challenges in the market at the moment.


      Yea there are still options. The underwriter will need to see that the property is listed on AIRBNB and will need to see you own another STR to verify experience. You could also do a no ratio DSCR loan without having the property leased out, however the rate will be much higher.

      [email protected]818-269-7983
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  • Nicola Mislinski
    Lender · Charleston, SC · Member since 2025 · 35 posts · 4 votes
    1y

    Loulian, I would say a big challenge right now is completing the rehab for appraisal purposes.  I can use AirDNA or we can use the 1007 report - which would be ordered with the appraisal - for short term rental income.  Would love to help!

    0Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 676 posts · 229 votes
    1y

    Hey Ioulian!

    Yes as long as the property is currently undergoing renovations you can use airdna for the DSCR calc. The rest of the details would depend on the specific deal/property but happy to go through that for you if that's helpful

    [email protected]734-645-7722
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  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 277 posts · 195 votes
    1y
    Quote from @Ioulian Stoitchkov:

    Hi all,

    I am looking for DSCR lenders that operate in the Baltimore market. Preferably, those lenders accept rental income from AirDNA as the property I'm looking to refi is on the higher price range.

    Thank you!

    Please see below for some recent limitations I am seeing on Baltimore properties with a top DSCR program I like to use for my clients:

    • Appraisal must be ordered with approved AMC
    • No appraisal transfers allowed in Baltimore
    • 5% LTV/LTC haircut
    • Must be fee simple
    • No appraisal transfers

    This is not the case across all DSCR programs right now, but these sorts of requirements are pretty common for the Baltimore area at the moment. The biggest impact to investors right now is the pullback on LTV/LTC with a 5% haircut - but I have also seen some programs abandon Baltimore completely.

    As for your specific scenario, a property would need to be furnished and listed for rent on a 3rd-party website as a short-term rental in order to use AirDNA market rents (of which 80% would be useable). 

    If the AirDNA rents were $50k per year, you would get credit for $40k per year in underwriting.

    [email protected]417-605-2196
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  • Jim R.
    Rental Property Investor · MD · Member since 2015 · 24 posts · 8 votes
    1y

    Generally Baltimore does not allow STRs unless you are the live in owner of the property.

    0Reply
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