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Private Lending & Conventional Mortgage Advice

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Dana Powell
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63
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DEAL in DANGER! ISO DSCR lender w/no own-occ condo requirement

Dana Powell
Posted Oct 10 2021, 12:52

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!

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