DSCR Loan Companies?

Question

Hello, I currently have 2 rental properties in upstate NY and I am looking to purchase more in the near future. I'm looking into getting a DSCR loan as I'm looking to move out of state in the near future but still purchase properties here remotely. I've been trying to do research as far as different DSCR Companies but not sure who is reputable and who isn't. I've requested contact from companies like Nationwide Mortgage Bankers, Express Capital Financing, LendingOne and Easy Street Capital. Who do you guys go through, what's your experience with any of these companies and who would you recommend I go through?

Brittany Minocchi · Answer

Hey @Hai Le!

I'd say the loan officer you work with is just as, if not more important than the company. Each company will have different rates, guidelines, overlays, etc. which is the main thing to look for when it comes to the company itself. When choosing a loan officer, make sure you find someone you mesh well with and you trust to have your best interest at heart. Personally, I value communication. Nothing worse than someone who works banker hours or being close to closing and having your loan officer leave you hanging. Be wary of any up front fees charged outside of a credit report fee and apprisal.

Best of luck, happy to connect if you have any questions!

Erik Estrada · Answer

Hey Hai,

I would recommend working with a mortgage broker, familiar with all the lending guidelines. Each lender you pointed out have very different guidelines. It is critical to know which lender will be able to suit your needs.

I would also look for reviews, licensing, and communication. There are many lenders out there that are horrible to work with.

Katie Smith · Answer

Hi Hai! I also recommend using the "Find a Lender" tab at the top of the page!

Devin Peterson · Answer

Hai,

Bigger pockets has lots on lending options for commercial and multifamily space. I recommend using the find a lender tab at the top of the page