Looking for DSCR With 15% down near 7% interest rate

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Looking for DSCR With 15% down near 7% interest rate

Rob Austin
Member since 2024 路 30 posts 路 18 votes

I was offered a dcsr loan at 15% down with a 7% interest rate on a multifamily home in Evansville, IN, but I'm not sure if the lender is trustworthy. 

Does anyone know of a lender who can match this?

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

    Rob, when you say Multifamily, how many doors is that?

    0Reply
  • Rob Austin
    OP
    Member since 2024 路 30 posts 路 18 votes
    2y
    Quote from @Simmy Ahluwalia:

    Rob, when you say Multifamily, how many doors is that?


     2 to 4 馃憤

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

    Ok, 85% LTV is doable with a 725+ FICO and the DSCR is 1.2 or over.

    0Reply
  • Rob Austin
    OP
    Member since 2024 路 30 posts 路 18 votes
    2y
    Quote from @Simmy Ahluwalia:

    Ok, 85% LTV is doable with a 725+ FICO and the DSCR is 1.2 or over.


    Thanks. How many points and what are the fees?

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

    Too early to tell until I UW the property and you, as the borrower.

    0Reply
  • Erik EstradaBusiness Member
    Lender 路 Member since 2022 路 6k+ posts 路 1k+ votes
    2y
    Quote from @Rob Austin:

    I was offered a dcsr loan at 15% down with a 7% interest rate on a multifamily home in Evansville, IN, but I'm not sure if the lender is trustworthy. 

    Does anyone know of a lender who can match this?


    7% at 15% down? No way lol. You would probably be in the mid to high 8s at that LTV with a 5 year PPP.

    Happens all the time in this space. They will promise you the moon until you pay for that appraisal, they string you along for weeks and then they can't perform on their promise... 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Katherine Blazer
    Lender 路 Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN 路 Member since 2018 路 361 posts 路 178 votes
    2y

    I just closed a duplex with mid 7s interest rate last week. She had the option to only put 15% down but decided on 20% because she wanted to increase her cash flow. She did have great credit and was in FL. 

    0Reply
  • Rob Austin
    OP
    Member since 2024 路 30 posts 路 18 votes
    2y
    Quote from @Katherine Blazer:

    I just closed a duplex with mid 7s interest rate last week. She had the option to only put 15% down but decided on 20% because she wanted to increase her cash flow. She did have great credit and was in FL. 

    Would you mind sharing the lender?
    0Reply
  • David Pearl
    Lender 路 Member since 2024 路 121 posts 路 14 votes
    2y
    Quote from @Rob Austin:

    I was offered a dcsr loan at 15% down with a 7% interest rate on a multifamily home in Evansville, IN, but I'm not sure if the lender is trustworthy. 

    Does anyone know of a lender who can match this?

    @Rob Austin - happy to take a closer look if you would like to send me a PM 

    0Reply
  • Lucia Rushton
    Realtor 路 Dallas - Fort Worth Metroplex, TX 路 Member since 2016 路 1k+ posts 路 925 votes
    2y

    @Rob Austin @jason Wray would be your go-to.

    0Reply
  • Erik EstradaBusiness Member
    Lender 路 Member since 2022 路 6k+ posts 路 1k+ votes
    2y
    Quote from @Katherine Blazer:

    I just closed a duplex with mid 7s interest rate last week. She had the option to only put 15% down but decided on 20% because she wanted to increase her cash flow. She did have great credit and was in FL. 


     With how many points?

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
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