DEAL in DANGER! ISO DSCR lender w/no own-occ condo requirement

[Dana Powell]

I put in an all-cash offer last night, intending to refinance next month with a lender that has DSCR-financed 4 other loans of mine. Just found out today that the lender requires condo buildings to be at least 50% owner-occupied. Because of my high DTI, DSCR is the only option for me. Plus this lender's product is a 40 yr loan with 10 year interest-only at 4.25% and then 30 yr P&I at 4.25. ROI is 25%. Are there any other well-managed lenders out there with a similar product but no minimal threshold for owner-occupancy (or one lower than 50%)?

Thanks for the community's help!

[Nick Belsky]

@Dana Powell

That seems like a pretty expensive loan. You're taking a hit on rate for the 30year fixed part due to the initial 10 year with Interest Only. Why not do a lower DSCR 30 year fixed with no points up front?

Cheers!