Searching for a good dscr lender

Detroit, Michigan
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Searching for a good dscr lender

Cameron Porter
Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes

When finding a dscr lender how do you know who to go with? How do you check how reputable a lender is

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Elias HalvorsonBusiness Member
HI · Member since 2024 · 225 posts · 130 votes
1y

Cameron, I would look at doing a DSCR Cashout refi for 1 or more of his properties. Pretty easy to do and everything will be based on the cash flow of the properties. With that cash he should be able to easily purchase in that higher threshold. And any of those mortgage brokers you find should have 5-10 DSCR lenders they work with.

808-517-6416
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  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    1y

    Aloha Cameron, 

    Obviously, online reviews are a way. You can also look at findamortgagebroker.com, the site owned by Michigan's own United Wholesale Mortgage. That can point you to (likely) dozens of mortgage brokers in your area. You can google each one, look at their online reviews, call them to see if they are a good fit for you. Search for a few local mortgage brokers and discuss the options you're looking for. I have heard good things about Kiave, but I do not broker to them so I do not know first hand. Those are the avenues I would go down. 

    As an aside - sorry about the game tonight (if you're a fan)! I think almost all of America was pulling for a Detroit - Bills SB! 

    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
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  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y

     yeah very disappointing night when it comes to the lions. unbelievable in ways.

    I just have a client looking for options with purchasing there next property and we’ve never went the dscr route. He has 5 investment properties now 4 with cash flow. He’s a cash buyer but is looking for ways to purchase at a price point higher than normal so I’m trying to find him someone who can educate us on how to get this type of loan through underwriting and some deals closed and we don’t want to be scammed or played. All of my deals have been through retail lenders 


    1Reply
  • Jeff ChisumPro Member
    Lender · All 50 States · Member since 2020 · 248 posts · 142 votes
    1y

    I did three podcast episodes on this very subject!

    0Reply
  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 726 votes
    1y
    Quote from @Cameron Porter:

     yeah very disappointing night when it comes to the lions. unbelievable in ways.

    I just have a client looking for options with purchasing there next property and we’ve never went the dscr route. He has 5 investment properties now 4 with cash flow. He’s a cash buyer but is looking for ways to purchase at a price point higher than normal so I’m trying to find him someone who can educate us on how to get this type of loan through underwriting and some deals closed and we don’t want to be scammed or played. All of my deals have been through retail lenders 


     @Cameron Porter What kind of price point is your client wanting to acquire now? Do they need to do any rehab and what will the rent be?

    [email protected]
    0Reply
  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    1y

    Cameron, I would look at doing a DSCR Cashout refi for 1 or more of his properties. Pretty easy to do and everything will be based on the cash flow of the properties. With that cash he should be able to easily purchase in that higher threshold. And any of those mortgage brokers you find should have 5-10 DSCR lenders they work with.

    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
    WebsiteView Page
    1Reply
  • Brandon Croucier
    Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
    1y

    You're in the right spot, plenty of reputable DSCR lenders here on bigger pockets!

    Is the subject property going to be a long term rental or a short term rental ?

    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1y

    @Cameron Porter what are you worried about that will happen to your client?

    The DSCR lending world has gone mainstream the last couple of years. Many conforming brokers/lenders now offer DSCR programs.

    The only current upfront cost is for an appraisal - which go through AMC's.

    Only two other decisions:

    1) 30 fixed rate or some type of ARM with lower initial interest rate

    2) Length & type of prepayment penalty. Most common is a 5-4-3-2-1. Meaning 5% PP in year 1, 4% year 2, etc. until 0% after year 5.

    DM me if more questions:)

    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
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  • Mya Toohey
    Real Estate Agent · Tampa Florida · Member since 2013 · 630 posts · 303 votes
    1y

    No matter where you are (I am in Florida) you can find a lender here on BP.  I reached out to few last year and they seemed very up to date with options and knew what they were talking about.

    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    1y

    Website reviews are pretty good sign. Check out the featured list of lenders at the top of the page! 

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
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    0Reply
  • Andrew Zamboroski
    Lender · Member since 2021 · 495 posts · 130 votes
    1y
    Quote from @Cameron Porter:

    When finding a dscr lender how do you know who to go with? How do you check how reputable a lender is

    Happy Sunday! I’m local to the area and do many projects on Detroit. Happy to chat and weigh in. If I am not a good fit, I should be able to point you in the right direction.


    cheers!

    0Reply
    • Cameron Porter
      OP
      Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
      1y
      Quote from @Andrew Zamboroski:
      Quote from @Cameron Porter:

      When finding a dscr lender how do you know who to go with? How do you check how reputable a lender is

      Happy Sunday! I’m local to the area and do many projects on Detroit. Happy to chat and weigh in. If I am not a good fit, I should be able to point you in the right direction.


      cheers!


       i would like your contact info

      0Reply
    • Cameron Porter
      OP
      Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
      1y
      Quote from @Andrew Zamboroski:
      Quote from @Cameron Porter:

      When finding a dscr lender how do you know who to go with? How do you check how reputable a lender is

      Happy Sunday! I’m local to the area and do many projects on Detroit. Happy to chat and weigh in. If I am not a good fit, I should be able to point you in the right direction.


      cheers!


       Absolutely email me your contact info [email protected]

      0Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    1y

    @Devin Peterson is wonderful to work with.

    0Reply
  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 663 posts · 226 votes
    1y

    Hey Cameron!

    I'm not going to go down the disappointing loss Saturday... it was still a good game to be at, can't beat Ford Field's atmosphere, but not what we were looking for.  Just have to get healthy again and keep pushing.

    For DSCR though to answer your question, sometimes it's just a matter of having those conversations and asking questions to see if they're an investor themselves or have experience in the non-QM space (DSCR specifically). Detroit is a bit different sometimes too depending on price point and location because different DSCR options have different benefits. Typically when working DSCR in the area, we're still doing it retail just to help minimize total expenses to investors since it's harder to make deals pencil out when you're adding in broker fees, origination charges, etc. So knowing whether it's a brokered or a retail product, the timeline of the process, and investor knowledge of the lender themselves will be helpful for a successful deal here.

    Hope that helps!

    [email protected]734-645-7722
    Gold Star Mortgage Financial Group547 Reviews
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  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    1y

    Google reviews, Facebook/Instagram pages and reviews, company websites, general social media presence....also, it's not required for that loan type, but some of us are licensed through the NMLS because we also do conventional loan types that do require it. That's a solid way to make sure someone is legit. Happy to answer any questions if you'd like to connect!

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC522 Reviews
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  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y
    Quote from @Jeff Chisum:

    I did three podcast episodes on this very subject!


    Is there a link for the podcast 

    0Reply
  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y
    Quote from @Derek Brickley:

    Hey Cameron!

    I'm not going to go down the disappointing loss Saturday... it was still a good game to be at, can't beat Ford Field's atmosphere, but not what we were looking for.  Just have to get healthy again and keep pushing.

    For DSCR though to answer your question, sometimes it's just a matter of having those conversations and asking questions to see if they're an investor themselves or have experience in the non-QM space (DSCR specifically). Detroit is a bit different sometimes too depending on price point and location because different DSCR options have different benefits. Typically when working DSCR in the area, we're still doing it retail just to help minimize total expenses to investors since it's harder to make deals pencil out when you're adding in broker fees, origination charges, etc. So knowing whether it's a brokered or a retail product, the timeline of the process, and investor knowledge of the lender themselves will be helpful for a successful deal here.

    Hope that helps!

    Thanks. I see you’re local. 
    1Reply
  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y
    Quote from @Devin Peterson:

    Website reviews are pretty good sign. Check out the featured list of lenders at the top of the page! 


     Thanks. Will do. 

    0Reply
  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y
    Quote from @Elias Halvorson:

    Cameron, I would look at doing a DSCR Cashout refi for 1 or more of his properties. Pretty easy to do and everything will be based on the cash flow of the properties. With that cash he should be able to easily purchase in that higher threshold. And any of those mortgage brokers you find should have 5-10 DSCR lenders they work with.


     Cash out refi using a dscr sounds like a good strategy. What kind’ve interest rate could we expect on the refi ?

    0Reply
  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y
    Quote from @Mya Toohey:

    No matter where you are (I am in Florida) you can find a lender here on BP.  I reached out to few last year and they seemed very up to date with options and knew what they were talking about.

     Thank you 

    0Reply
  • Cameron Porter
    OP
    Real Estate Agent · Detroit · Member since 2024 · 73 posts · 24 votes
    1y
    Quote from @Brandon Croucier:

    You're in the right spot, plenty of reputable DSCR lenders here on bigger pockets!

    Is the subject property going to be a long term rental or a short term rental ?

    Depending on the property he’s looking for quick equity. He’s aiming for a long term rental because he wants to use it for some kind of group home
    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1y

    @Cameron Porter 

    University Lending Group (586) 783-7900
    [email protected]248-209-6824
    Logical Property Management4.9451 Reviews
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  • Jeff ChisumPro Member
    Lender · All 50 States · Member since 2020 · 248 posts · 142 votes
    1y

    I don’t think I’m allowed to post here but I will send as a DM

    0Reply
  • Elias HalvorsonBusiness Member
    HI · Member since 2024 · 225 posts · 130 votes
    1y
    Quote from @Cameron Porter:
    Quote from @Elias Halvorson:

    Cameron, I would look at doing a DSCR Cashout refi for 1 or more of his properties. Pretty easy to do and everything will be based on the cash flow of the properties. With that cash he should be able to easily purchase in that higher threshold. And any of those mortgage brokers you find should have 5-10 DSCR lenders they work with.


     Cash out refi using a dscr sounds like a good strategy. What kind’ve interest rate could we expect on the refi ?

    Hey Cameron, typically they are.5-1% worse than investment pricing. I’d go to findamortgagebroker.com and get a quote from a local Michigan lender (or two) as well. 
    808-517-6416
    Elias Halvorson C2 Hawaii NMLS#1697041HI Branch NMLS#1244222 585 Reviews
    WebsiteView Page
    0Reply
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