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Updated about 1 year ago on . Most recent reply

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Joel Diaz De La Rosa
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DSCR Loan- Multiuse Property

Joel Diaz De La Rosa
Posted

Does anyone know of a good lender that offers DSCR Loans for a multiuse property in Wisconsin. I'm looking to do a cash out refinance on a 2 unit property. 50% residential/50% commercial. I bought it for $71,000 and is now worth $193,000. The lender that currently approved me seemed overpriced (High Fees & Interest Rate). Attached is a photo of the offer. Is this exaggerated? My credit score around 746.

  • Joel Diaz De La Rosa
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    Erik Estrada
    #4 Mortgage Brokers & Lenders Contributor
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    Erik Estrada
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    Quote from @Joel Diaz De La Rosa:

    Does anyone know of a good lender that offers DSCR Loans for a multiuse property in Wisconsin. I'm looking to do a cash out refinance on a 2 unit property. 50% residential/50% commercial. I bought it for $71,000 and is now worth $193,000. The lender that currently approved me seemed overpriced (High Fees & Interest Rate). Attached is a photo of the offer. Is this exaggerated? My credit score around 746.


    The problem is many DSCR lenders do not finance these property types. There are a handful, however they charge a premium.

    Do not get strung along with any broker or lender promising nice terms on this property type. Make sure you ask all the right questions or risk paying a heft appraisal fee with no loan closed. 

    Since the make is 50/50, you will need to finance this with a local commercial bank or a non-traditional commercial lender. It may be best to go local on this, but if it's simply not possible, try a non-traditional commercial lender.

    Are both units occupied or vacant?  What is the commercial use? 

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