How do i find a DSCR lender in OHIO

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How do i find a DSCR lender in OHIO

George Duchatelier
New to Real Estate · OH · Member since 2022 · 53 posts · 26 votes

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!

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Dave PoeppelmeierBusiness Member
Realtor · Maumee, OH · Member since 2015 · 491 posts · 722 votes
3y

Talk to @Chris Wharton at First Ohio. He works with several clients of mine. If you're interested in the Toledo market, let's set up a time to talk. 

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  • Lyndsay Zwirlein
    Lender · Member since 2020 · 331 posts · 209 votes
    3y
    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!

    1Reply
  • Ashley Cross
    Lender · Columbus, OH · Member since 2020 · 202 posts · 214 votes
    3y

    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.

    1Reply
  • George Duchatelier
    OP
    New to Real Estate · OH · Member since 2022 · 53 posts · 26 votes
    3y
    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
    0Reply
  • Jayson Cain
    Lender · Manhattan Beach, CA · Member since 2017 · 423 posts · 268 votes
    3y

    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.

    0Reply
  • George Duchatelier
    OP
    New to Real Estate · OH · Member since 2022 · 53 posts · 26 votes
    3y
    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. 
    0Reply
  • George Duchatelier
    OP
    New to Real Estate · OH · Member since 2022 · 53 posts · 26 votes
    3y

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

    0Reply
  • Kevin Woodard
    Lender · Nationwide · Member since 2021 · 220 posts · 105 votes
    3y
    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. 

    0Reply
  • Tarik Turner
    Lender · Hackensack, NJ · Member since 2016 · 1k+ posts · 372 votes
    3y
    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

    1Reply
  • George Duchatelier
    OP
    New to Real Estate · OH · Member since 2022 · 53 posts · 26 votes
    3y
    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!
    0Reply
  • Thomas Lebens
    Investor · Atlanta, GA · Member since 2022 · 14 posts · 10 votes
    3y
    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?

    0Reply
  • Chris WhartonBusiness Member
    Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
    3y

    @Thomas Lebens let's connect.

    [email protected]614-638-9531
    0Reply
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