Seeking DSCR loan for LLC under $100k in Philadelphia

[Andre Delacroix]

Hello BP community!

Looking to purchase a $110K townhome with existing HCV/Section 8 tenants ($1350 rent, $1000 govt $350 tenant) with my LLC.

Loan amount would be under $100k assuming I would be putting 20% down, unless a better option exists.

Any well recommended lenders? Close date preference 11/10/23 or earlier.

All the best!

[Robin Simon]

Quote from @Andre Delacroix:

Hello BP community!

Looking to purchase a $110K townhome with existing HCV/Section 8 tenants ($1350 rent, $1000 govt $350 tenant) with my LLC.

Loan amount would be under $100k assuming I would be putting 20% down, unless a better option exists.

Any well recommended lenders? Close date preference 11/10/23 or earlier.

All the best!

 One thing to watch out for here is prepayment penalty options - Pennsylvania is the state with the most vague/unclear rules on prepayment penalties that different lenders interpret differently, some may be able to offer standard prepayment penalties (i.e. 5/4/3/2/1) on a loan like this but some may not be able to charge a prepay, resulting in a much much higher rate.