DSCR Lender - Chicago - (2) units in Grand Crossing

[Jonathan Klemm]

Hey Chicago real estate friends!

I am looking for a refinance loan at 80% LTV or higher with a lender that will use the income approach (aka DSCR loan) on (2) 2-units. Both buildings are fully occupied with great section 8 tenants.

Any local or out-of Illinois lenders that would be a good fit?  I am less concerned with interest rate and more concerned with money left in the deal.

[Robin Simon]

Is the 80% a cash-out or would it be a rate-term refi (receive $2,000 or less at closing)?

[Issac San Miguel]

Single asset loan yes you can go up to 80% Rate and Term.

Crossed you will take a leverage hit.

Send me a message and I will be happy to assist.

Thanks,

Issac

[Jonathan Klemm]

Hey @Robin Simon - I am fine with the rate & term.  If I could get $2k back at closing that'd be ideal.  What type of interest rate would this be at?

Assuming you are able to lend in Chicago, Illinois?

@Issac San Miguel - I'll shoot you a message.  Also curious what your rate would be roughly?

[Issac San Miguel]

Hey @Jonathan Klemm I have seen rates anywhere from 7%-9.5% depending on your expectations for the loan. 

For max leverage, you're likely looking at something in the 8s with a 720+ Fico score.