Looking for non conforming loan for quadplex

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Looking for non conforming loan for quadplex

Jimmy Stainback
Rental Property Investor · Atlanta, GA · Member since 2016 · 7 posts · 8 votes

I have a quad-plex under contract that is stabilized. I have 20% down payment ready but I do not have any more conventional loans left. I am looking for a DSCR option or possibly a bridge loan. I have great credit and income. Any suggestions or referrals would be great.

Thanks!! 

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  • Carolina Mejia
    New to Real Estate · Duluth, GA · Member since 2022 · 64 posts · 15 votes
    3y

    Can you partner with someone who can get the loan for you? Maybe another option.

    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    3y
    Quote from @Jimmy Stainback:

    I have a quad-plex under contract that is stabilized. I have 20% down payment ready but I do not have any more conventional loans left. I am looking for a DSCR option or possibly a bridge loan. I have great credit and income. Any suggestions or referrals would be great.

    Thanks!! 


    Hi Jimmy, It sounds like you would benefit greatly from a DSCR product, would love to help you find the best. PM if interested!

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
    0Reply
  • Chad Davis
    Lender · Richmond VA · Member since 2012 · 311 posts · 33 votes
    3y

    @Jimmy Stainback DSCR would be a great fit. PM sent

    0Reply
  • Givo Aghasi
    Lender · Los Angeles, CA · Member since 2022 · 238 posts · 73 votes
    3y

    @Jimmy Stainback While conventional loans may be a familiar choice, Debt Service Coverage Ratio (DSCR) loans offer unique advantages for real estate financing. DSCR loans take into account the property's net operating income, ensuring that the property generates enough income to cover its debt payments. This can provide peace of mind and stability for property owners. In addition, DSCR loans often have more flexible underwriting criteria and high loan-to-value ratios.

    0Reply
  • Kristen L GarnerBusiness Member
    Lender · Phoenix, AZ · Member since 2021 · 451 posts · 287 votes
    3y

    Hi Jimmy, I'd be happy to help if you are still looking for financing. I have DSCR loans with 30 year fixed and 40 year fixed with first 10 years IO or bridge loans that are IO for either a 1 or 2 year term.

    [email protected]213-880-0434
    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Jimmy Stainback:

    I have a quad-plex under contract that is stabilized. I have 20% down payment ready but I do not have any more conventional loans left. I am looking for a DSCR option or possibly a bridge loan. I have great credit and income. Any suggestions or referrals would be great.

    Thanks!! 


     Hey Jimmy, 

    A DSCR loan will take at least 30 days to close. So if the goal is to fund as quickly as possible, going with a bridge loan may be a better route. If time is not an issue, a handful of DSCR lenders can go up to 80% LTV if it meets the minimum DSCR requirement (about 1.00-1.15). Also experience is going to determine if you can go up to that loan amount (typically 3 properties owned over the last 2 years).

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Juan Hasbun
    Lender · Boca Raton, FL · Member since 2020 · 9 posts · 3 votes
    3y
    Quote from @Jimmy Stainback:

    I have a quad-plex under contract that is stabilized. I have 20% down payment ready but I do not have any more conventional loans left. I am looking for a DSCR option or possibly a bridge loan. I have great credit and income. Any suggestions or referrals would be great.

    Thanks!! 


    Hey Jimmy, Let me help you acquire funding for this deal. We specialize in DSCR loans. :)

    0Reply
  • Ethan Auciello
    Member since 2022 · 11 posts · 2 votes
    3y
    Quote from @Jimmy Stainback:

    I have a quad-plex under contract that is stabilized. I have 20% down payment ready but I do not have any more conventional loans left. I am looking for a DSCR option or possibly a bridge loan. I have great credit and income. Any suggestions or referrals would be great.

    Thanks!! 

    i would definitely go dscr the income wont be a factor. Congrats on the fact you have no more conventional loans.

    0Reply
  • Joe Alonso
    Lender · Miami, FL · Member since 2017 · 18 posts · 6 votes
    3y

    Jimmy,

    If you still financing, I can do this 4-unit without any debt service requirements, no seasoning of funds, and no post-closing reserves. I do cap at 75%, though.

    Let me know if I can help.

    Criton Capital, LLC
    Joe Alonso – Manager

    12508 W. Atlantic Blvd
    Coral Springs, FL 33071

    Tel: 786.210.5557 | Fax: 786.228.0884

    [email protected]

    www.critoncapital.com

    0Reply
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