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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
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DSCR Lender Referrals Needed

Bud Gaffney
  • Rental Property Investor
  • Boston, MA
Posted Jan 24 2023, 19:12

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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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
906
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1,616
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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
Replied Jan 24 2023, 19:13

In Massachusetts*

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Jason Taken
  • Attorney
  • Chicago, IL
18
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52
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Jason Taken
  • Attorney
  • Chicago, IL
Replied Jan 24 2023, 20:14
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.

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Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
2,819
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5,629
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Eliott Elias#3 All Forums Contributor
  • Investor
  • Austin, TX
Replied Jan 24 2023, 20:31

Happy to connect you with my lender. 

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9
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I Sami Siddiqui
  • Realtor
  • Tri-County Sacramento
2
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9
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I Sami Siddiqui
  • Realtor
  • Tri-County Sacramento
Replied Jan 25 2023, 00:07

@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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I Sami Siddiqui
  • Realtor
  • Tri-County Sacramento
2
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9
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I Sami Siddiqui
  • Realtor
  • Tri-County Sacramento
Replied Jan 25 2023, 00:08

@Eliott Elias love to hear from you as well.

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Chris Roche
  • Rental Property Investor
  • North Weymouth, MA
41
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141
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Chris Roche
  • Rental Property Investor
  • North Weymouth, MA
Replied Jan 25 2023, 05:08

Modern Mortgage 

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

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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
Replied Jan 25 2023, 05:36

@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?

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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
906
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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
Replied Jan 25 2023, 05:36

@Eliott Elias please do. Thank you

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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
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Bud Gaffney
  • Rental Property Investor
  • Boston, MA
Replied Jan 25 2023, 05:36

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

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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
Replied Jan 25 2023, 06:01
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

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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
Replied Jan 25 2023, 06:02
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!

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Lyndsay Zwirlein
  • Lender
181
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273
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Lyndsay Zwirlein
  • Lender
Replied Jan 25 2023, 06:29
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!

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Kyle Curtin
  • Real Estate Agent
  • Tewksbury, MA
234
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413
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Kyle Curtin
  • Real Estate Agent
  • Tewksbury, MA
Replied Jan 25 2023, 08:29
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!

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Dylan M. Davis
  • Lender
14
Votes |
99
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Replied Jan 25 2023, 08:50
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 :)

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Jason Bowden
13
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31
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Jason Bowden
Replied Jan 25 2023, 08:51

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

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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
1,204
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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
Replied Jan 25 2023, 09:01
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...

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Brandon Beardt
  • Lender
  • Los Angeles, CA
76
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151
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Brandon Beardt
  • Lender
  • Los Angeles, CA
Replied Jan 25 2023, 09:12
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!

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Chris Roche
  • Rental Property Investor
  • North Weymouth, MA
41
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141
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Chris Roche
  • Rental Property Investor
  • North Weymouth, MA
Replied Jan 25 2023, 09:16
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.

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99
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Dylan M. Davis
  • Lender
14
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99
Posts
Replied Jan 25 2023, 09:20
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. 

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Brandon Beardt
  • Lender
  • Los Angeles, CA
76
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151
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Brandon Beardt
  • Lender
  • Los Angeles, CA
Replied Jan 25 2023, 09:23
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.

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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
1,204
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1,077
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Robin Simon#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
Replied Jan 25 2023, 09:25
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

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Andy Rousch
  • Real Estate Agent
  • Mt. Arlington NJ
113
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195
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Andy Rousch
  • Real Estate Agent
  • Mt. Arlington NJ
Replied Jan 25 2023, 09:27

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

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Replied Jan 25 2023, 11:01

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.

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Jesse Holsapple
  • Lender
  • Missoula, MT
6
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27
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Jesse Holsapple
  • Lender
  • Missoula, MT
Replied Jan 25 2023, 11:26

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

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78
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11
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Chad Davis
  • Lender
  • Richmond VA
11
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78
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Chad Davis
  • Lender
  • Richmond VA
Replied Jan 26 2023, 04:15

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