DSCR lenders with good track records that work in philly market

Philadelphia, Pennsylvania
Private Lending & Conventional Mortgage Advice
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DSCR lenders with good track records that work in philly market

Elliot Hendler
Member since 2022 · 9 posts · 4 votes

Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


Any recommendations or introductions would be greatly appreciated.

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Paul DefnginPro Member
Lender · Rockville, MD · Member since 2008 · 498 posts · 199 votes
3y
Quote from @Elliot Hendler:

Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


Any recommendations or introductions would be greatly appreciated.

This will be a tight one for any DSCR lender.  Most lenders in that space would want to see a DSCR of at least 1:1 ratio, some especially in the current environment would want 1.25:1 ratio, and with higher interest rates now, just your Principal & Interest payment alone is going to put you closer to that $1,000 mark.  Add in your other expenses such as insurance, taxes, etc. and you'll probably exceed that.  

Keep checking around, maybe someone will be able to do it. Good luck. 
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  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    3y

    Hi Elliot, many lenders do DSCR loans in your area. Happy to discuss further.

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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    0Reply
  • Elliot Hendler
    OP
    Member since 2022 · 9 posts · 4 votes
    3y

    hey yes I understand that I was just hoping for a recommendation of one lender that people have had a good experience with and were familiar with Philadelphia and can provide a DSCR loan…

    2Reply
  • Paul DefnginPro Member
    Lender · Rockville, MD · Member since 2008 · 498 posts · 199 votes
    3y
    Quote from @Elliot Hendler:

    Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


    Any recommendations or introductions would be greatly appreciated.

    This will be a tight one for any DSCR lender.  Most lenders in that space would want to see a DSCR of at least 1:1 ratio, some especially in the current environment would want 1.25:1 ratio, and with higher interest rates now, just your Principal & Interest payment alone is going to put you closer to that $1,000 mark.  Add in your other expenses such as insurance, taxes, etc. and you'll probably exceed that.  

    Keep checking around, maybe someone will be able to do it. Good luck. 
    1Reply
  • Matthew Gaddis
    Member since 2022 · 22 posts · 5 votes
    3y

    Hi Elliot,

    This looks like something that I could put together a loan for. Happy to take a look, if you want to DM me. 

    0Reply
  • Eric GoldmanBusiness Member
    Lender · PA · Member since 2019 · 359 posts · 192 votes
    3y
    Quote from @Elliot Hendler:

    hey yes I understand that I was just hoping for a recommendation of one lender that people have had a good experience with and were familiar with Philadelphia and can provide a DSCR loan…


    maybe a rate and term refi into a 30 year fixed, if you can get cash out get it out, but it seems slim. with out knowing more details. 

    a great broker in the area could help...

    484-574-4878
    G2loans- Investor and Commercial Mortgages531 Reviews
    WebsiteView Page
    0Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    3y
    Quote from @Paul Defngin:
    Quote from @Elliot Hendler:

    Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


    Any recommendations or introductions would be greatly appreciated.

    This will be a tight one for any DSCR lender.  Most lenders in that space would want to see a DSCR of at least 1:1 ratio, some especially in the current environment would want 1.25:1 ratio, and with higher interest rates now, just your Principal & Interest payment alone is going to put you closer to that $1,000 mark.  Add in your other expenses such as insurance, taxes, etc. and you'll probably exceed that.  

    Keep checking around, maybe someone will be able to do it. Good luck. 

     It's all a math problem right @Paul Defngin:)

    1Reply
  • Chad Davis
    Lender · Richmond VA · Member since 2012 · 307 posts · 32 votes
    3y

    @Elliot Hendler Happy to take a look

    0Reply
  • Rob LawrenceBusiness Member
    Real Estate Agent · West Chester, PA · Member since 2017 · 266 posts · 95 votes
    3y

    I know a good guy, based out of West Chester, PA

    0Reply
  • Elliot Hendler
    OP
    Member since 2022 · 9 posts · 4 votes
    3y

    Definitely interested in working with someone local

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Elliot Hendler:

    Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


    Any recommendations or introductions would be greatly appreciated.


     Hi Elliot, 

    How long ago did you buy this property? Did you complete all the rehab work on this property? And do you have comps to support your valuation? 

    There are plenty of DSCR lenders here on this forum. Connecting with a broker that is very experienced in the nuances of this loan type, wouldn't be a bad idea.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Make sure 100% the lender can pull the cash out with 75% LTV after appraisal in 6 months.

    0Reply
  • Elliot Hendler
    OP
    Member since 2022 · 9 posts · 4 votes
    3y
    Quote from @Erik Estrada:
    Quote from @Elliot Hendler:

    Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


    Any recommendations or introductions would be greatly appreciated.


     Hi Elliot, 

    How long ago did you buy this property? Did you complete all the rehab work on this property? And do you have comps to support your valuation? 

    There are plenty of DSCR lenders here on this forum. Connecting with a broker that is very experienced in the nuances of this loan type, wouldn't be a bad idea.

    1 year, full remodeled pretty much and rented, the supportive sold properties were all within the last 6 months and a half mile and the lowest was 175 the highest was 210
    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Elliot Hendler:
    Quote from @Erik Estrada:
    Quote from @Elliot Hendler:

    Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.


    Any recommendations or introductions would be greatly appreciated.


     Hi Elliot, 

    How long ago did you buy this property? Did you complete all the rehab work on this property? And do you have comps to support your valuation? 

    There are plenty of DSCR lenders here on this forum. Connecting with a broker that is very experienced in the nuances of this loan type, wouldn't be a bad idea.

    1 year, full remodeled pretty much and rented, the supportive sold properties were all within the last 6 months and a half mile and the lowest was 175 the highest was 210

     Sounds great. Just Pm'd you

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Jordan MoorheadBusiness Member
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    3y

    @Elliot Hendler I'm fairly sure the One Brokerage works there

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
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