DSCR on Student College Rental in California
Hi all, I'm looking for a lender to help Refinance a property in Central California. Property is a A class student rental approximately 5 min walk from one of the largest city colleges in California (SBCC) and Near UC Santa Barbara. What makes this property creative it that it is a very Large single family home, all with private separate entries, accredited as student housing by the college.
Looking to do a DSCR loan as the monthly income is around $35,000. I had reached out to Civic for a loan, but they have put a moratorium on creating Loans after the acting president left. Looking for a referral for a good lender that will work with us to provide a long term DSCR IO for the property.
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I strongly recommend @Alli Breighner for this, she is a university student in California and also a part-time DSCR lending specialist!
Quote from @Robin Simon:
I strongly recommend @Alli Breighner for this, she is a university student in California and also a part-time DSCR lending specialist!
Thanks Robin - actually reached out to Easy Street for a request on a quote as well. I will reach out to Alli.
Hi Johhny! Would love to discuss your interest in a DSCR loan.
Would love to connect.
Quote from @Johnny Reber:
Hi all, I'm looking for a lender to help Refinance a property in Central California. Property is a A class student rental approximately 5 min walk from one of the largest city colleges in California (SBCC) and Near UC Santa Barbara. What makes this property creative it that it is a very Large single family home, all with private separate entries, accredited as student housing by the college.
Looking to do a DSCR loan as the monthly income is around $35,000. I had reached out to Civic for a loan, but they have put a moratorium on creating Loans after the acting president left. Looking for a referral for a good lender that will work with us to provide a long term DSCR IO for the property.
Hi Johnny,
I actually just moved up here to Santa Barbara from Los Angeles last July. Expensive city but beautiful nonetheless! When it comes to DSCR loans and the DSCR calculation, lenders will typically go off of the lower of the current rent OR what the appraiser deems is the market rent based on their 1007 report (rental comparable survey). Since the property is bringing in such a high rent amount (common with rent-by-room student housing), I'm sure the lender will take the 1007 market rents when calculating the DSCR. Just something to consider when looking to get qualified as it could affect your maximum leverage. Best of luck to you!
You should chat with @Keith Renno. I’ll send you his contact 👍