Obtaining Debt Service Loans

8 Replies

I do not qualify for a conventional loan (no w2s or income). I have a deal lined up on a cash flowing duplex. Is a debt service loan what I should be looking for?

Can anyone recommend some lenders?

I applied to Lima one, waiting to hear back.

@Slade Sizemore

Yes, debt service loan (DSCR) or an asset based program - I think you are headed in the right direction considering your W2/income status. There are programs out there that ignore your personal income and will even ignore debt coverage on the subject property.

Hey @Slade Sizemore You should be good to go at Lima One as they have a $75,000 property price minimum. You will need to buy it in a business entity, have a 650 credit score and put 25% down. My broker advisor let me know yesterday that they also just cut rates by .25% on the rental loan product and lowered seasoning requirements to 3 months instead of six so great timing. Good Luck!