DSCR Lender Referrals Needed

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DSCR Lender Referrals Needed

Bud Gaffney
Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes

Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.

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I Sami Siddiqui
Realtor · Tri-County Sacramento · Member since 2021 · 9 posts · 2 votes
3y

@Jason Taken I am in Sacramento CA and I am also looking for a referral. I purchased a property with a hard money loan in June and rehabbed the property with money and now it's a STR on airbnb. I want to refinance into DSCR loan with 80%LTV but there is no rental history. May have suggested bridge loan but rates are higher. Any suggestions? Referrals?

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  • Bud Gaffney
    OP
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    3y

    In Massachusetts*

    0Reply
  • Jason Taken
    Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
    3y
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


    Hey Bud. Got any details on the scenario? Happy to chat and refer you to someone else if they can serve you better.

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Happy to connect you with my lender. 

    0Reply
  • I Sami Siddiqui
    Realtor · Tri-County Sacramento · Member since 2021 · 9 posts · 2 votes
    3y

    @Jason Taken I am in Sacramento CA and I am also looking for a referral. I purchased a property with a hard money loan in June and rehabbed the property with money and now it's a STR on airbnb. I want to refinance into DSCR loan with 80%LTV but there is no rental history. May have suggested bridge loan but rates are higher. Any suggestions? Referrals?

    2Reply
  • I Sami Siddiqui
    Realtor · Tri-County Sacramento · Member since 2021 · 9 posts · 2 votes
    3y

    @Eliott Elias love to hear from you as well.

    0Reply
  • Chris RochePro Member
    Rental Property Investor · North Weymouth, MA · Member since 2015 · 146 posts · 44 votes
    3y

    Modern Mortgage 

    http://www.modernmortgagemi.co...

    0Reply
  • Bud Gaffney
    OP
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    3y

    @Jason Taken hi Jason. Thanks so much for taking the time to reply. I have 30+ units right now, and just heard about these types of loans and my eyes widened. I am always looking to buy and have several properties in mind. Is it still traditional 20% down on 4 or less units and anything over 5 25% down?

    0Reply
  • Bud Gaffney
    OP
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    3y

    @Eliott Elias please do. Thank you

    0Reply
  • Bud Gaffney
    OP
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    3y

    @Chris Roche thanks Chris! Is this your company or have you used them before?

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


    Hi - I'd be glad to help. Have you checked out the big BP article released yesterday on DSCR? https://www.biggerpockets.com/...

    I'd also be glad to connect you with Dan Gamache, a MA-based DSCR lending specialist

    [email protected]
    Harpoon Capital514 Reviews
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    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @I Sami Siddiqui:

    @Jason Taken I am in Sacramento CA and I am also looking for a referral. I purchased a property with a hard money loan in June and rehabbed the property with money and now it's a STR on airbnb. I want to refinance into DSCR loan with 80%LTV but there is no rental history. May have suggested bridge loan but rates are higher. Any suggestions? Referrals?

     Highly recommend @Jack Tulloch to help with this!

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    0Reply
  • Lyndsay Zwirlein
    Lender · Member since 2020 · 331 posts · 209 votes
    3y
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


    Hey Bud! I work for a large mortgage brokerage so we have access to a lot of DSCR programs depending on your needs. Happy to help if you're still looking!

    0Reply
  • Kyle Curtin
    Real Estate Agent · Tewksbury, MA · Member since 2020 · 494 posts · 284 votes
    3y
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


    Hi Bud! I actually connected with Talita Guerrero with Right Key Mortgage yesterday and they have DSCR products and are pretty flexible. I'll shoot you a message with her contact info!

    0Reply
  • Dylan M. Davis
    Lender · NJ · Member since 2022 · 129 posts · 18 votes
    3y
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


     Some things you should know when looking at a refinance: 

    1. You need to know your exact score. 680+ is the minimum. 720+ will give you the best rates for 30 yr fixed.
    2. You need to know your median market rent.
    3. Your comps need to be within a mile, and within 10% of the square footage of the subject property.

    Let me know if you have any questions :)

    1Reply
  • Jason Bowden
    Member since 2023 · 57 posts · 27 votes
    3y

    Hey Bud, I've got a number of different lenders I work with for DSCR loans. Did you have a specific property in mind?

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @Dylan M. Davis:
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


     Some things you should know when looking at a refinance: 

    1. You need to know your exact score. 680+ is the minimum. 720+ will give you the best rates for 30 yr fixed.
    2. You need to know your median market rent.
    3. Your comps need to be within a mile, and within 10% of the square footage of the subject property.

    Let me know if you have any questions :)


    None of this is universal for DSCR loans - many DSCR lenders will go down to 620 etc, have further comps...

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    1Reply
  • Brandon BeardtPro Member
    Lender · La Crescenta, CA · Member since 2021 · 261 posts · 157 votes
    3y
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


     Hi Bud,

    You'll find plenty of DSCR lenders here in the forums that can help you out! You can also find some in the Network tab above. I suggest doing research on them, reading their reviews, and seeing what they have to offer. You'll want to partner with a broker/lender that you can trust, build a relationship with, and succeed with. Every lender's DSCR program is very similar across the board, however, most have different guidelines and higher/lower pricing adjustments based on the actual loan parameters. You'll have to determine what's best for you and your goals - best rate, highest leverage, turn times, fees, and everything in between. Seeing as you already have 30+ units, I'm sure you know what you're doing. But nonetheless, best of luck to you!

    [email protected]818-726-2418
    2Reply
  • Chris RochePro Member
    Rental Property Investor · North Weymouth, MA · Member since 2015 · 146 posts · 44 votes
    3y
    Quote from @Bud Gaffney:

    @Chris Roche thanks Chris! Is this your company or have you used them before?

    I have recently used them.  Real easy to work with.

    0Reply
  • Dylan M. Davis
    Lender · NJ · Member since 2022 · 129 posts · 18 votes
    3y
    Quote from @Robin Simon:
    Quote from @Dylan M. Davis:
    Quote from @Bud Gaffney:

    Hi all! I'm looking for referrals for DSCR loans. Any and all would be greatly appreciated. Thank you in advance.


     Some things you should know when looking at a refinance: 

    1. You need to know your exact score. 680+ is the minimum. 720+ will give you the best rates for 30 yr fixed.
    2. You need to know your median market rent.
    3. Your comps need to be within a mile, and within 10% of the square footage of the subject property.

    Let me know if you have any questions :)


    None of this is universal for DSCR loans - many DSCR lenders will go down to 620 etc, have further comps...


     That's great for those lenders! What I'm saying is market for the current time we're in. It's not 2018, being conservative is the best option. 

    0Reply
  • Brandon BeardtPro Member
    Lender · La Crescenta, CA · Member since 2021 · 261 posts · 157 votes
    3y
    Quote from @I Sami Siddiqui:

    @Jason Taken I am in Sacramento CA and I am also looking for a referral. I purchased a property with a hard money loan in June and rehabbed the property with money and now it's a STR on airbnb. I want to refinance into DSCR loan with 80%LTV but there is no rental history. May have suggested bridge loan but rates are higher. Any suggestions? Referrals?


    80% LTV on Cash-Out DSCR programs are out there, however, they are harder to find and tend to have a much higher costs than keeping leverage at around 70-75% LTV. From what I've found, different lenders have different requirements/guidelines when it comes to STRs. Some will require an actual operating history, while others will simply rely on AirDNA data. I suggest talking to a few different brokers/lenders to see what sort of options they have that can best suit your scenario and needs.

    [email protected]818-726-2418
    1Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @Brandon Beardt:
    Quote from @I Sami Siddiqui:

    @Jason Taken I am in Sacramento CA and I am also looking for a referral. I purchased a property with a hard money loan in June and rehabbed the property with money and now it's a STR on airbnb. I want to refinance into DSCR loan with 80%LTV but there is no rental history. May have suggested bridge loan but rates are higher. Any suggestions? Referrals?


    80% LTV on Cash-Out DSCR programs are out there, however, they are harder to find and tend to have a much higher costs than keeping leverage at around 70-75% LTV. From what I've found, different lenders have different requirements/guidelines when it comes to STRs. Some will require an actual operating history, while others will simply rely on AirDNA data. I suggest talking to a few different brokers/lenders to see what sort of options they have that can best suit your scenario and needs.


     Yeah - I think 80% Cash-Out Refinance for a Short Term Rental is pretty much nonexistent right now

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    0Reply
  • Andy RouschPro Member
    Investor · Mt. Arlington NJ · Member since 2018 · 251 posts · 143 votes
    3y

    Hey @Bud Gaffney I have DSCR nationwide I would be happy to hop on a call

    0Reply
  • Daniel Mar
    Member since 2022 · 3 posts · 0 votes
    3y

    Hi Bud, I've worked with @Kristen L Garner on multiple DSCR loans. She is the best - excellent communication, works through multiple scenarios with you, and always finds ways to save investors money. I was getting push back with other lenders who didn't want to run numbers for me all the time and Kristen ran numbers for me via text for every deal I was considering.

    0Reply
  • Jesse Holsapple
    Lender · Fountain, CO · Member since 2022 · 124 posts · 32 votes
    3y

    Direct lender here, nationwide. 
    Happy to connect with brokers and borrowers on DSCR, bridge, ground up construction, and fix and flips.

    0Reply
  • Chad Davis
    Lender · Richmond VA · Member since 2012 · 320 posts · 33 votes
    3y

    @Bud Gaffney Direct lender and happy to take a look.

    0Reply
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