DSCR loan, Florida Property

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DSCR loan, Florida Property

Wendy S.
Ellenwood, GA · Member since 2016 · 267 posts · 70 votes

Hi BPers

So I'm looking to buy an off market property in Lakeland FL with a DSCR loan.

Can anyone shed some light on the area, this loan product and possible recommendations for closing attorneys in Lakeland FL, I'm in GA.

I'm seeing interest rates 7.5 to 8.5% with 25% down. Speaking with another Lender for 20% Dp as well.

PV should be around $200K with existing Tenant remaining in place.

Pp = $150/160K

Thanks

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John O'LearyPro Member
Lender · Winter Park, FL · Member since 2021 · 737 posts · 412 votes
3y

Hi Wendy,

I'd be happy to connect and see what options you have available to you. I'm in Orlando and can also give you investor friendly title companies and attorneys in the area. Lakeland is about 15-20 min away.

[email protected]800-663-4122
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  • Wendy S.
    OP
    Ellenwood, GA · Member since 2016 · 267 posts · 70 votes
    3y

    @Kristen L Garner, thank you so much. Well check them out.

    0Reply
  • Wendy S.
    OP
    Ellenwood, GA · Member since 2016 · 267 posts · 70 votes
    3y

    @Shawn McCormick. Thank you.

    0Reply
  • Jason Taken
    Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
    3y
    Quote from @Wendy S.:

    @Robin Simon. Read. Thank you.


    I could run the scenarios for you with differing downpayments, and rates. We've got a suite of products, but definitely just want to match you with the best option for you. On our DSCR products, we go as low as 10% down (cashflow permitting).

    0Reply
  • Malek Bohsali
    Developer · Houston · Member since 2019 · 49 posts · 9 votes
    3y
    Curious why not?  Have to do the due diligence, etc., not confident of prior landlord’s judgement or prior experiences doing so? 
    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    3y

    Hi Wendy I sent you a PM

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
    0Reply
  • Evan O'Brien
    Sayville, NY · Member since 2021 · 126 posts · 34 votes
    3y

    @Wendy S. Hi Wendy, @Kevin Woodard from Coastal Capital would be able to assist you with a DSCR loan!

    1Reply
  • Caroline Gerardo
    Lender · Washington DC · Member since 2015 · 2k+ posts · 2k+ votes
    3y
    Quote from @Malek Bohsali:
    Curious why not?  Have to do the due diligence, etc., not confident of prior landlord’s judgement or prior experiences doing so? 
    Current tenant owes landlord $75000 in arrears and stuff. He cannot help in getting a loan with bad credit. His liens and judgements get stuck on title if she adds him joint on title. Partners can be a nightmare even if they are solid. Seems like paying him hourly is a better plan. How good are we at motivating another person to change their whole life? She needs an appraisal and inspection to determine what the subject is in real time.
    1Reply
  • Wendy S.
    OP
    Ellenwood, GA · Member since 2016 · 267 posts · 70 votes
    3y

    @Caroline Gerardo. No arrears. Tenant is current with rent. Balance owed to seller/Landlord is on their rent to own agreement. Seller wants to be paid off. Appraisal and inspection will be done. Perhaps it would be good idea to get 2 other estimates for upcoming work to be done on property. Then if Tenant matches or betters estimate he is contracted and gets equity or monthly cashflow from improvements while still continue to live in his unit.

    1Reply
  • Dawson Rosenberg
    Investor · Member since 2023 · 37 posts · 1 vote
    3y

    yess! i would love to share some advice with you. check your messages

    0Reply
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