DSCR Lender on Columbus OH BRRRR

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DSCR Lender on Columbus OH BRRRR

Seth O.
Investor 路 Columbus Grove, OH 路 Member since 2016 路 20 posts 路 8 votes

Hi BP,

I'm looking for help finding a lender that is still doing DSCR cash-out refi's on investment properties. Hoping to pull at least 75% (ideally 80%) of ARV out of the deal, and wondering what the rates are looking like in todays market. The property is in Columbus OH and here are the details:

Duplex

3 bed/2 bath per side

Purchase: 150K

Rehab:153KEstimated ARV: $425K

Rental income: $1695/side = $3390/month or $40,680/yearCurrently owned free and clear

Any advice/direction would be greatly appreciated! Thank you!

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Remington LymanBusiness Member
Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
3y
Quote from @Seth O.:

Hi BP,

I'm looking for help finding a lender that is still doing DSCR cash-out refi's on investment properties. Hoping to pull at least 75% (ideally 80%) of ARV out of the deal, and wondering what the rates are looking like in todays market. The property is in Columbus OH and here are the details:

Duplex

3 bed/2 bath per side

Purchase: 150K

Rehab:153KEstimated ARV: $425K

Rental income: $1695/side = $3390/month or $40,680/yearCurrently owned free and clear

Any advice/direction would be greatly appreciated! Thank you!


 I can send you a list of lenders here in Ohio that do this

[email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
Reafco512 Reviews
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  • Brittany MinocchiBusiness Member
    Lender 路 Massillon, OH 路 Member since 2022 路 1k+ posts 路 486 votes
    3y

    Hey Seth -

    Up to 75% is probably more realistic, but guidelines change all the time on DSCRs. Happy to connect if you鈥檇 like, rates will depend heavily on FICO. 

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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    0Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    3y
    Quote from @Seth O.:

    Hi BP,

    I'm looking for help finding a lender that is still doing DSCR cash-out refi's on investment properties. Hoping to pull at least 75% (ideally 80%) of ARV out of the deal, and wondering what the rates are looking like in todays market. The property is in Columbus OH and here are the details:

    Duplex

    3 bed/2 bath per side

    Purchase: 150K

    Rehab:153KEstimated ARV: $425K

    Rental income: $1695/side = $3390/month or $40,680/yearCurrently owned free and clear

    Any advice/direction would be greatly appreciated! Thank you!


     I can send you a list of lenders here in Ohio that do this

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    1Reply
  • Jonathan Taylor
    Lender 路 Los Angeles, CA 路 Member since 2017 路 916 posts 路 647 votes
    3y

    @Seth O. the main number that stands out is the renovation amount. Since the reno amount is about equal to the value of the property, my F/F lenders do not lend more than the as-is value on the property. So for your case, max reno would be 150k. 

    Something to consider. 

    Secondly, 70-75% Cash out is what I am seeing in this market. @Brittany Minocchi is correct that DSCR lending landscape changes frequently but based on those numbers, 425k ARV is a good range.

    Happy to help on this if you have any further questions.

    1Reply
  • Zeke ListonBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2018 路 1k+ posts 路 1k+ votes
    3y
    Quote from @Seth O.:

    Hi BP,

    I'm looking for help finding a lender that is still doing DSCR cash-out refi's on investment properties. Hoping to pull at least 75% (ideally 80%) of ARV out of the deal, and wondering what the rates are looking like in todays market. The property is in Columbus OH and here are the details:

    Duplex

    3 bed/2 bath per side

    Purchase: 150K

    Rehab:153KEstimated ARV: $425K

    Rental income: $1695/side = $3390/month or $40,680/yearCurrently owned free and clear

    Any advice/direction would be greatly appreciated! Thank you!


    Hi Seth, I'd be happy to share some recommendations. It's going to be tough to get to 80% LTV unless you go conventional. If you could do conventional, I know of a lender who will do 80% cash out for multi-family.

    [email protected]614-665-5793
    Forge Real Estate Advisors535 Reviews
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    1Reply
  • Marty JohnstonPro Member
    Lender 路 Wauwatosa, WI 路 Member since 2016 路 570 posts 路 203 votes
    3y
    Quote from @Seth O.:

    Hi BP,

    I'm looking for help finding a lender that is still doing DSCR cash-out refi's on investment properties. Hoping to pull at least 75% (ideally 80%) of ARV out of the deal, and wondering what the rates are looking like in todays market. The property is in Columbus OH and here are the details:

    Duplex

    3 bed/2 bath per side

    Purchase: 150K

    Rehab:153KEstimated ARV: $425K

    Rental income: $1695/side = $3390/month or $40,680/yearCurrently owned free and clear

    Any advice/direction would be greatly appreciated! Thank you!


     Seth,

    I'll echo the others here, 75% LTV will be the max on a cashout DSCR product. But there are options with only 30-day seasoning to use the new ARV value. 30YR, ARMs, or Interest-Only options all available. Sending you a DM in case you're still looking for options. 馃憤

    [email protected]414-600-0123
    0Reply
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