Seeking Solid Lenders to support Rental Property Purchases

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Seeking Solid Lenders to support Rental Property Purchases

Alice GoodsonPro Member
Rental Property Investor · Huntsville Alabama · Member since 2024 · 32 posts · 12 votes

I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

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River SavaPro Member
Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
2y

Hi Alice - Would love to connect with you and point you in the right direction. I am also from Hunstville. Sending you a dm!

[email protected]
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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    2y
    Quote from @Alice Goodson:

    I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

    What types of purchases are these? Are you referring to all investment properties? Have you ever heard of a DSCR loan? 
    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
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    0Reply
  • Alice GoodsonPro Member
    OP
    Rental Property Investor · Huntsville Alabama · Member since 2024 · 32 posts · 12 votes
    2y
    Quote from @Devin Peterson:
    Quote from @Alice Goodson:

    I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

    What types of purchases are these? Are you referring to all investment properties? Have you ever heard of a DSCR loan? 

    Hello Devin, I have heard of DSCR but I am getting mixed messages about the process and the costs. I am getting to the point where I want to leverage my LLC vs. my personal credit to move on my real estate goals. I have ran a DSCR score and it is over 4.x so the portfolio is strong. I do not know how to break into the DSCR game or even if I should? Any advice would be greatly appreciated. I do not like pre-payment penalties because I tend to pay my properties off very early.

    0Reply
  • Chad Davis
    Lender · Richmond VA · Member since 2012 · 307 posts · 32 votes
    2y

    @Alice Goodson The DSCR process is quite simple with low documentation however the rates are higher than a traditional bank for that flexibility. Although the deal closes in an LLC personal credit still matters. Happy to run some numbers for you.

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y
    Quote from @Alice Goodson:

    I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

     I recommend @River Sava for this, she specializes in DSCR and is from Alabama and focuses on the Alabama market.

    [email protected]
    Harpoon Capital514 Reviews
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    0Reply
  • River SavaPro Member
    Lender · USA · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    Hi Alice - Would love to connect with you and point you in the right direction. I am also from Hunstville. Sending you a dm!

    [email protected]
    1Reply
  • Alice GoodsonPro Member
    OP
    Rental Property Investor · Huntsville Alabama · Member since 2024 · 32 posts · 12 votes
    2y
    Quote from @River Sava:

    Hi Alice - Would love to connect with you and point you in the right direction. I am also from Hunstville. Sending you a dm!


     Excellent, someone who knows the area. I just accepted the connection and I look forward to chatting with you!

    0Reply
  • Alice GoodsonPro Member
    OP
    Rental Property Investor · Huntsville Alabama · Member since 2024 · 32 posts · 12 votes
    2y
    Quote from @Chad Davis:

    @Alice Goodson The DSCR process is quite simple with low documentation however the rates are higher than a traditional bank for that flexibility. Although the deal closes in an LLC personal credit still matters. Happy to run some numbers for you.


    Ok that makes since. Right now given that my current rentals are all paid off I am not really too concerned about DTI. I am retired from the military and I immediately returned to work so I am financially stable. I do not like high interest rates or pre-payment penalties so this will take some getting use to.

    0Reply
  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    2y

    @Alice Goodson - we're not too far from you in Atlanta.  Always happy to be an additional resource for quotes.  As a nationwide broker, we're able to shop for the best terms for our borrowers.  

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Alice Goodson:
    Quote from @Chad Davis:

    @Alice Goodson The DSCR process is quite simple with low documentation however the rates are higher than a traditional bank for that flexibility. Although the deal closes in an LLC personal credit still matters. Happy to run some numbers for you.


    Ok that makes since. Right now given that my current rentals are all paid off I am not really too concerned about DTI. I am retired from the military and I immediately returned to work so I am financially stable. I do not like high interest rates or pre-payment penalties so this will take some getting use to.


     Hey Alice, 

    DSCR rates are pricing better than conventional loans lately.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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  • Jamie Parker
    Real Estate Investor · Memphis, TN · Member since 2016 · 405 posts · 132 votes
    2y
    Quote from @Alice Goodson:

    I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

     There is a bigger pockets featured lender that may be able to help. Minimal documents. Any residential Single and Multifamily Under 20 units  NO Mobile/Manufactured homes, shopping centers, mixed use or industrial.

    0Reply
  • Alice GoodsonPro Member
    OP
    Rental Property Investor · Huntsville Alabama · Member since 2024 · 32 posts · 12 votes
    2y
    Quote from @Jamie Parker:
    Quote from @Alice Goodson:

    I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

     There is a bigger pockets featured lender that may be able to help. Minimal documents. Any residential Single and Multifamily Under 20 units  NO Mobile/Manufactured homes, shopping centers, mixed use or industrial.

     Hello Jamie, I worked with @Devin Peterson .. he is the best. He is such a proponent for the BP community that he actually recommended I seek out local assistance for a deal I was working and it is working in my favor. I am really excited to be in the forum. Thanks for reaching out.

    1Reply
  • Givo Aghasi
    Lender · Los Angeles, CA · Member since 2022 · 238 posts · 73 votes
    2y

    @Alice Goodson I'm happy to be an additional resource for quotes. I've funded deals for investors in Huntsville and am familiar with the market. 

    0Reply
  • Colin McMahon
    Lender · Miami · Member since 2022 · 99 posts · 18 votes
    2y

    Hi Alice! 

    I'm late to the conversation but excellent work on building your portfolio! You sound like an amazing client to work with. Have you considered leveraging the equity in your properties, and getting a cash-out to reinvest and expand your portfolio? I saw that you mentioned pre-payment penalties and I believe many like the lender I work with waive that pre-payment penalty so I wouldn't worry much there. With a DSCR like yours, you could get great terms on your refinancing. I would love to hear more about your investment goals so I can steer you in the right direction. I'll send you a DM so we can connect.

    0Reply
  • David Pearl
    Lender · Member since 2024 · 121 posts · 14 votes
    2y
    Quote from @Alice Goodson:

    I have multiple properties 100% paid off and now I am looking to start purchasing properties in a more aggressive manner. I am seeking a lender that understands these types of purchases and can streamline my loan process. I currently use Rocket (formerly Quicken) and they have been great but now I think I need someone local. Any suggestions in the Huntsville, AL area?

    @Alice Goodson - Hi Alice. We specialize in DSCR loans. They can be fantastic loan products for investors. Extremely easy loan process. 30 year rental loans for investment properties. No income verification. No tax returns. No DTI. Happy to help.

    0Reply
  • Jeremiah Phipps
    Lender · Sarver PA · Member since 2024 · 61 posts · 16 votes
    2y

    can help you with that Let's network

    [email protected]

    412-709-2506

    0Reply
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