Looking for DSCR lender to close in around 10 days w/o experience requirement

[Christan Cosgrove]

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

[James Wise]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

 HoltonWise has you covered brother - CLICK HERE

[Vincent Jacobbi]

Hi Christian - fellow Upstate NYer here! The quick close would be the tough part but I think I can help. I dmed you!

[Charlice Arnold]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

Let's connect. I'd be happy to help 

[M. Greger]

Hi! I can assist with a DSCR loan and work with you on a quick close. Your property details and rental plans sound solid. Since you're open to putting more down to qualify or get a better rate, we can explore options that fit your needs. Let's discuss further to meet your closing date of 09/20.

All the best,

Marc

[Luis De la Puente]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

Hi James, I'm a nationwide private money lender and broker, and we'd love to help you finalize this deal. Let's connect so we can discuss how we can assist with your financing needs.

[Chad Davis]

@Christan Cosgrove Did you find a solution on this one? Happy to assist.

[Robin Simon]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

10-day close is pretty impossible for a DSCR Lender to hit (unless some very specific circumstances, like you have an independent appraisal ordered through another lender that can be transferred, etc.)

I'd beware of lenders circling and promising this and then "baiting and switching" when you expect to close in such a short period.

Regarding experience - do you own a primary home and this is the "investor experience" requirement you are looking at or is this a true first time in 3+ years owning any real estate?

[Erik Estrada]

Yea I agree with Simon on this. 10 day close Is not possible on this loan. The fastest close I have done is 15 days, and that was with a completed appraisal, title work done beforehand, and a responsive insurance company before the end of the month. 

Don't fall for the sleazy salesman promising a 7-10 day close as you will wind up not closing on time AND paying more for your loan, then just being realistic and working with someone experienced and reputable. 

Also be ready to put at least 25% down with no ownership experience. There is only a few that can do 20% down with no rental experience, however it will not be a 15 day close, more like 18-20 day close. 

Are the rents you posted Mid Term or Market rents? DSCR lenders will underwrite based on long term or short term rents.

[Keyona Taylor]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

Hi Christan, let's connect. I may be able to help. 

[Karen Smith]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

Hey, it sounds like you’ve got a great opportunity with that turnkey two-unit property! We’re a private money lender actively looking to fund deals, and we'd love to help you meet your closing date.

With your 20% down and potential for medium-term rentals at $1700/unit, this looks like a solid investment. Since you’ve already had experience owning property, it’s surprising that other lenders require more recent experience. We offer flexible financing options and can work with you on quick closings. How can we support you in meeting your 09/20 closing? Let’s chat and explore how we can help you secure this property!

[William Salterberg]

Let's talk! I might be able to help! 

[Karen Smith]

Quote from @William Salterberg:

Let's talk! I might be able to help! 

 Sure, please send me a DM or email me here at [email protected]

[Charlene Livers]

I'm wondering if you are still needing a lender. I sent you a message.

[Karen Smith]

Quote from @Christan Cosgrove:

Looking for a lender to do a DSCR with a quick close; I previously owned property but not within the past three years.

House sold at $234K, already put 20% down, willing to put more down to qualify or get a better rate.

It's a turnkey two-unit, renovated in 2019, and comes mostly furnished. 

We're planning on doing furnished medium-term rentals and anticipate rents around $1700/unit.

Was using a different lender but they required more recent experience, have a closing date of 09/20 we want to meet.

 We can certainly help. Send us a DM or email us at [email protected]