#3 Private Lending & Conventional Mortgage Advice Contributor
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#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
Never heard of them. How much were you looking to finance?
MBANC has 129 (4.8) reviews. That's pretty good. Also, consider a DSCR [debt service coverage ratio] loan for STR.
If the lender doesn't specialize in STR, don't use them. Many claim to be "able" to do them, but they don't really know how to do them well, or at all in many cases. Work with a mortgage broker who has these resources. There are several STR lenders that use AirDNA to determine rental income and base their DSCR numbers from. This means better terms and costs for you. Don't waste time with lenders who don't really know this space.
Cheers!
@Catherine Coy thanks! I'm definitely looking for a DSCR loan to finance my property. Seems like they are legitimate but just haven't heard from anyone who has actually gotten financing from them.
@Oscar Coreas ..Being in the 'dscr space' longer than most (been doing them since 2014), I second @Nick Belsky Most of these lenders who say they do STR really don't or don't know how to look at the income as it's still a newer realm in the lending world. I have no clue about MBanc and have never heard of them but they do seem like a fully licensed legit lender.
I used Mbanc to do a primary residence refinance with cash out, overall was a good experience. Took slightly longer than expected but they came through and rate was exactly what was quoted.