Recommendations for Private and Commerical Bank Lenders.

5 Replies

Hello,

I have a 5–10-unit apartment building under contract in Plymouth County and I'm looking to see who people have been using for lending both private and bank lenders. It's stable but will be around 1.0 DSCR day one. However, there is plenty of room to add value. Also, if anyone has some ballpark terms on what you've been seeing. Any banks offering 12-month IO?

Thank You,

Henry

@Henry Centola why are you looking for a 12-month io -- is this a value add deal or does it need reno to bring it up to market rent? 

If you're not contemplating rehab or are already in leasable condition, you'll be able to get a 30 yr fixed against the property on a DSCR loan (w/o proof of income, property DTI, etc). Rates are in the 4.875% - 6.125% range (for 30 yr fixed rate/term).