CHICAGO DSCR LENDER NEEDED ASAP

[Monica Soyemi]

So I purchased a property a few months ago through a wholesaler, a Hard Money Lender actually blasted out the deal to investors across the country and I was able to get the deal. I just completed the rehab a couple of months ago, and was looking for a buyer, but unfortunately due to Rate increases the buyer demand has slowed. I am now considering doing a refinance or cash out refinance with a DSCR lender, and maybe re-list next year because I don't believe my income can support the mortgage. Currently paying around $4000 in Hard Money interest per month, so looking to find a great solution based lender. Thanks

[Robin Simon]

Quote from @Matthew Crivelli:

@Monica Soyemi

You're going to have to make a choice on what you want to do... DSCR loans almost always have pre payment penalties (standard 5y) and you are in an area where comps are running dry. Either lower the price to sell or refinance and look at the property as a long term play. At this point you are not likely able to pull your cash out with either option. Welcome to the new housing market. That being said, we would be happy to look at the numbers and see if a refi would work for you. The longer you wait, the worse it will be... 

There are certainly DSCR options available without prepayment penalties, rates will be a bit higher but you will maintain max flexibility