In need of a dscr portfolio loan in Augusta, GA
Hi everyone,
I have two houses in Augusta. I recently subdivided the lot from a single parcel with one house and an ADU on it to now two separate parcels with two seperate SFH's. I am looking to pull as much cash out as possible to repay my credit cards back from the renovations I did. Looking to get this done asap. Both homes, although now two separate parcels, are on the same mortgage and this is why I believe I would need a portfolio loan.
Thanks!
You may not need a portfolio loan. You can refinance each property with single-asset loans simultaneously to pay off the existing debt. But you can if you want. It's just a bit tough to get a 2 property portfolio loan. If you do opt for the portfolio, be sure to ask your lender what the partial release provisions are.
What is the sqft of the ADU turned SFH? Most lenders will be looking for at least 500-700 sqft.
And here are some additional questions you should be ready for:
(1) Is each property leased? No DSCR lender will cash out a vacant SFH.
(2) What is your credit score? (no need to answer I just posed this b/c you mentioned CC debt)
(3) Do you have AT LEAST 6mo of PITIA reserves?
Good luck.
Quote from @Joshua Esparza:
Hi everyone,
I have two houses in Augusta. I recently subdivided the lot from a single parcel with one house and an ADU on it to now two separate parcels with two seperate SFH's. I am looking to pull as much cash out as possible to repay my credit cards back from the renovations I did. Looking to get this done asap. Both homes, although now two separate parcels, are on the same mortgage and this is why I believe I would need a portfolio loan.
Thanks!
There are portfolio loans available. Happy to connect.
