I need help with a Refi out of an interest only loan

[Michael Taylor]

I have 14 properties and I only have loans on 6 of them.  My credit score is running about 750. It will be higher because I am paying down credit cards.  I ran them up doing a rehab. I also have a job paying $80k per year.  I'm trying to refi out of an interest only loan.  My broker is unable to provide me the refi because, I am showing a loss on my corporate taxes.  I write off anything and everything, as most business owners do.  Any suggestions on financing, other than a high interest hard money loan?

[Stephanie P.]

@Michael Taylor

You should look into a DSCR loan. No income verification, no taxes or pay stubs so significantly less hassle. There are a lot of DSCR lenders and brokers here on BP although I would look for a broker. Lenders have very specific requirements and can only work with what they have and brokers tend to know where to send your loan to get the max ltv, best rates, lowest prepayment penalty and even finance the points in some instances.

Stephanie