Lenders in Montgomery Alabama

[Renzo Figueroa]

Hello!

I am a first time investor. I am looking to invest in SFH in the 60-100k range in Montgomery, Alabama. My goal is to buy turnkey properties for long-term rentals. I am looking for DSCR loans, but I have had a very hard time finding lenders in that range category. I would appreciate any recommendations.

Thanks!

[Nate Herndon]

Quote from @Renzo Figueroa:

Hello!

I am a first time investor. I am looking to invest in SFH in the 60-100k range in Montgomery, Alabama. My goal is to buy turnkey properties for long-term rentals. I am looking for DSCR loans, but I have had a very hard time finding lenders in that range category. I would appreciate any recommendations.

Thanks!

Hey Renzo, I know that most lenders don't work with values under $100k. However, my favorite program I use for my clients requires a minimum property value of $75,000, with a minimum loan amount of $50,000. It helps that they are also #1 on interest rate out of the 20+ DSCR programs I use.

I close 3-5 DSCR loans in Alabama every month. Birmingham is popular, Montgomery is great as well. The lowest value exception I have received was for a $64,000 purchase, for which that 80% loan was $51,200.

I wouldn't recommend looking for loans too far below the $70k mark, as that is contingent on an exception land and up to underwriter discretion. But we've done it. Let's connect and I'm happy to figure out what will work for you. 

Here is an example loan summary of $75,000 purchase: