Looking to Refinance Your Investment Property out of a Hard Money Loan?

[Stacy Raskin]

DSCR loans are a great way to refinance out of your hard money loan to fixed 30 year or 40 year long term financing. Depending on the loan program, the mortgage will only be qualified off of your middle credit FICO credit score and market or actual rents.

Program highlights:


• Get up to 75% of the cash you paid for the property. If improvements were made, the lender will consider based on the work done and work receipts to get more of the money you put back then the 75% purchase price. Some exceptions have been made for using the new appraisal value if considerable work done and reflected on new appraisal value and remodeling receipts. If greater than 6 months since the hard money loan, the lender will consider the new appraisal as the maximum LTV.
• Loans available for cash-out or rate and term.
• Credits score down to 620
• LTV are up to 75% for cash out.
• Cash out limits depend on property value, credit score and if the property is vacant.
• Non-warrantable condos and condotels permitted.
• Rate buydown feature available.
• DSCR (lower of gross rent lease or Appraisal Form 1007/216 rent divided by PITIA) as low as 1.0x
• Non-owner occupied Single Family, Multi Family up to 4 unit property types
• Purchase Loan Amount – from $150K to $3,000,000. Exceptions can be made below and above- loans with the details in this post don't go below $100K.
• Fixed 30 year full amortized loan terms as well as 40 year fixed rate with 10 year interest only period then a 30 year fully amortized mortgage.

I work on DSCR loans in all U.S. states except for Minnesota, Nevada, North Dakota, Oregon, South Dakota and Utah. For loans being refinanced before 6 months since refinance or purchase, additional state restrictions apply. Inquire for additional details. I look forward to hearing from you.