Private Lending & Conventional Mortgage Advice

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Elliot Hendler
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DSCR lenders with good track records that work in philly market

Elliot Hendler
Posted Oct 11 2022, 06:44

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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Brittany Minocchi
  • Lender
  • Massillon, OH
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Brittany Minocchi
  • Lender
  • Massillon, OH
Replied Oct 11 2022, 09:01

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

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Elliot Hendler
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Elliot Hendler
Replied Oct 11 2022, 09:12

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…

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Paul Defngin
  • Lender
  • Rockville, MD
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Paul Defngin
  • Lender
  • Rockville, MD
Replied Oct 11 2022, 09:14
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. 

Lender (#NMLS 199791)

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Replied Oct 11 2022, 09:24

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. 

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Eric Goldman
  • Lender
  • Pennsylvania
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Eric Goldman
  • Lender
  • Pennsylvania
Replied Oct 11 2022, 09:43
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...

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Stephanie P.#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Washington, DC Mortgage Lender/Broker
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Stephanie P.#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Washington, DC Mortgage Lender/Broker
Replied Oct 11 2022, 14:10
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:)

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Chad Davis
  • Lender
  • Richmond VA
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Chad Davis
  • Lender
  • Richmond VA
Replied Oct 11 2022, 16:28

@Elliot Hendler Happy to take a look

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Rob Lawrence
  • Real Estate Agent
  • West Chester, PA
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Rob Lawrence
  • Real Estate Agent
  • West Chester, PA
Replied Oct 12 2022, 04:08

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

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Elliot Hendler
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Elliot Hendler
Replied Oct 12 2022, 10:57

Definitely interested in working with someone local

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Erik Estrada
  • Lender
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Erik Estrada
  • Lender
Replied Oct 12 2022, 19:49
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.

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Eliott Elias#2 All Forums Contributor
  • Investor
  • Austin, TX
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Eliott Elias#2 All Forums Contributor
  • Investor
  • Austin, TX
Replied Oct 12 2022, 20:14

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

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Elliot Hendler
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Elliot Hendler
Replied Oct 12 2022, 20:20
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

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Erik Estrada
  • Lender
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Erik Estrada
  • Lender
Replied Oct 14 2022, 08:02
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

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Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
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Jordan Moorhead
  • Real Estate Agent
  • Austin, TX
Replied Nov 21 2022, 09:29

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