rural DSCR lenders for NC

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rural DSCR lenders for NC

MJ Richlands
Member since 2021 · 14 posts · 3 votes

been having a tough time finding a DSCR for whats considered "rural" in NC.

credit is good enough. 

70% LTV would be just over 100k

dscr ratio over 1 with current tenants in place

ideally no reserve requirements

ppp up to 5 if rate under 9%

can anyone help me find a lender that can handle this??

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  • Bobby FeinmanBusiness Member
    Lender · VA Beach, VA · Member since 2019 · 897 posts · 88 votes
    2y

    @MJ Richlands

    MJ - We offerDSCR loans on rural properties. The minimum loan amount is $300,000. Happy to assist you!

    Bobby

    [email protected]757-222-5937
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  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 277 posts · 195 votes
    2y

    @MJ Richlands

    I have a program that can assist with rural-appraised long-term rentals at 65% LTV - we just closed a deal in Windsor, NC that struggled with comps, but we were able to get it done. That program only requires a $75k minimum property value and a $50k minimum loan amount.

    Here is an example of what that would look like.

    [email protected]417-605-2196
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  • MJ Richlands
    OP
    Member since 2021 · 14 posts · 3 votes
    2y
    Quote from @Bobby Feinman:

    @MJ Richlands

    MJ - We offerDSCR loans on rural properties. The minimum loan amount is $300,000. Happy to assist you!

    Bobby


    thanks but i dont deal in any properties over 300k
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  • MJ Richlands
    OP
    Member since 2021 · 14 posts · 3 votes
    2y
    Quote from @Nate Herndon:

    @MJ Richlands

    I have a program that can assist with rural-appraised long-term rentals at 65% LTV - we just closed a deal in Windsor, NC that struggled with comps, but we were able to get it done. That program only requires a $75k minimum property value and a $50k minimum loan amount.

    Here is an example of what that would look like.


    i have a 6 month old private appraisal.  there arent many comps within 5 miles but send me a dm and we can discuss details
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  • Nate HerndonPro Member
    Lender · Springfield, MO · Member since 2023 · 277 posts · 195 votes
    2y

    Sounds like a plan. That Windsor property appraisal used sales comps from 5.1, 6.3, and 12.3 miles away. Nature of the beast with a more rural property - but still doable.

    [email protected]417-605-2196
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  • Alex Hunt
    Lender · Member since 2022 · 441 posts · 134 votes
    2y

    Happy to help on this!

    0Reply
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