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.
I would be happy to take a look for you.
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.
Just messaged you.
@Slade Sizemore ..where is the property? What type of price point?
Yes a DSCR loan would be a great option to look into to help you get the deal done.
DSCR may be a great option for you. At $85k you may run into minimum financing limit issues.
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!