Skip to content
Classifieds

User Stats

53
Posts
26
Votes
George Duchatelier
  • New to Real Estate
  • Ohio
26
Votes |
53
Posts

How do i find a DSCR lender in OHIO

George Duchatelier
  • New to Real Estate
  • Ohio
Posted Nov 24 2022, 12:08

My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!

User Stats

331
Posts
206
Votes
Lyndsay Zwirlein
  • Lender
206
Votes |
331
Posts
Lyndsay Zwirlein
  • Lender
Replied Nov 28 2022, 06:59
Quote from @George Duchatelier:

My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!


Hey George! Happy to help. I am a Loan Originator and can do both conventional and DSCR. I'm located in Cleveland area but work with clients across the country. Feel free to reach out if you're still looking!

User Stats

202
Posts
213
Votes
Ashley Cross
  • Lender
  • Columbus, OH
213
Votes |
202
Posts
Ashley Cross
  • Lender
  • Columbus, OH
Replied Nov 28 2022, 08:31

Hi George! I've worked with a lot of investors to purchase homes with DSCR loans and I've also purchased properties using DSCR loans previously. I'll be happy to chat about your options.

BiggerPockets logo
Meet Investor-Friendly Agents
|
BiggerPockets
Network with top investor-friendly agents who can help you find, analyze, and close your next deal.

User Stats

53
Posts
26
Votes
George Duchatelier
  • New to Real Estate
  • Ohio
26
Votes |
53
Posts
George Duchatelier
  • New to Real Estate
  • Ohio
Replied Nov 28 2022, 08:41
Quote from @Ashley Cross:

Hi George! I've worked with a lot of investors to purchase homes with DSCR loans and I've also purchased properties using DSCR loans previously. I'll be happy to chat about your options.

I appreciate it! When I’m close to purchasing.. I’ll reach out

User Stats

423
Posts
263
Votes
Jayson Cain
  • Lender
  • Manhattan Beach, CA
263
Votes |
423
Posts
Jayson Cain
  • Lender
  • Manhattan Beach, CA
Replied Nov 28 2022, 10:53

Hello! @George Duchatelier, I have started my out of state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals and manage them remotely from OOS. I’ve been putting offers in Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid.

Also, I've helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.

User Stats

53
Posts
26
Votes
George Duchatelier
  • New to Real Estate
  • Ohio
26
Votes |
53
Posts
George Duchatelier
  • New to Real Estate
  • Ohio
Replied Nov 28 2022, 10:56
Quote from @Jayson Cain:

Hello! @George Duchatelier, I have started my out of state real estate journey in Indianapolis. Now, I have a portfolio of Short Term Rentals and Long Term Rentals and manage them remotely from OOS. I’ve been putting offers in Columbus because my business partners have found success doing Mid Term Rentals there and the returns are solid.

Also, I've helped other investors with their DSCR loans and flip projects in Columbus. Happy to share my experiences and chat with you more if you're interested.

Greatly appreciated! I was talking to my lender of my house I purchased earlier this year. The interest rate is super high from what he’s told me. Might have to hold off for more favorable rates in the long run. 

User Stats

53
Posts
26
Votes
George Duchatelier
  • New to Real Estate
  • Ohio
26
Votes |
53
Posts
George Duchatelier
  • New to Real Estate
  • Ohio
Replied Nov 30 2022, 11:53

i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?

User Stats

220
Posts
105
Votes
Kevin Woodard
  • Lender
  • Nationwide
105
Votes |
220
Posts
Kevin Woodard
  • Lender
  • Nationwide
Replied Nov 30 2022, 13:02
Quote from @George Duchatelier:

i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?


Good question, the vast majority (99.99%) of DSCR loans do not include a construction holdback. 

In most instances it's more advantageous to use an I/O loan that doesn't have a prepayment penalty to do your rehab.

I’d be happy to talk more on the topic. 

User Stats

1,116
Posts
349
Votes
Tarik Turner
Lender
  • Lender
  • Hackensack, NJ
349
Votes |
1,116
Posts
Tarik Turner
Lender
  • Lender
  • Hackensack, NJ
Replied Dec 1 2022, 06:24
Quote from @George Duchatelier:

i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?


There are lenders who offer DSCR loans and short-term rehab loans, but they are typically two separate loan products. If the property needs rehab the lender would lend a portion of the purchase price (i.e. 80%) and typically 100% of the rehab costs. Once the property is completely rehabbed then you can refi into a 30 year DSCR based loan

User Stats

53
Posts
26
Votes
George Duchatelier
  • New to Real Estate
  • Ohio
26
Votes |
53
Posts
George Duchatelier
  • New to Real Estate
  • Ohio
Replied Dec 1 2022, 06:25
Quote from @Tarik Turner:
Quote from @George Duchatelier:

i have a follow up question regarding DSCR loans. Can you get a DSCR loan that includes rehab costs?


There are lenders who offer DSCR loans and short-term rehab loans, but they are typically two separate loan products. If the property needs rehab the lender would lend a portion of the purchase price (i.e. 80%) and typically 100% of the rehab costs. Once the property is completely rehabbed then you can refi into a 30 year DSCR based loan

Great info! Thank you!

User Stats

14
Posts
9
Votes
Thomas Lebens
  • Investor
  • Atlanta, GA
9
Votes |
14
Posts
Thomas Lebens
  • Investor
  • Atlanta, GA
Replied May 23 2023, 11:59
Quote from @George Duchatelier:
Quote from @Remington Lyman:
Quote from @George Duchatelier:

My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!


 I can send you some lender referrals Ohio.

I appreciate it! I’m going to go with the lender that took care of my 2nd house. I didn’t know he deals with dscr loans.

 I just came across this thread, and I'm in a similar situation. Can you send me some of those lender referrals?

User Stats

79
Posts
69
Votes
Chris Wharton
Lender
Pro Member
  • Lender
  • Columbus, Oh
69
Votes |
79
Posts
Chris Wharton
Lender
Pro Member
  • Lender
  • Columbus, Oh
Replied May 23 2023, 12:06

@Thomas Lebens let's connect.