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Updated 24 days ago on . Most recent reply

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22
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Lucas Vanroboys
  • Boston, MA
11
Votes |
22
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Looking for hard/private money lenders

Lucas Vanroboys
  • Boston, MA
Posted

I have a fully paid off property in South Boston and am looking to leverage the equity into additional propertie(s) via line of credit. Looking for hard money or private lenders who may be interested in working with me either or both, LOC and mortgages.
 

Most Popular Reply

User Stats

22
Posts
11
Votes
Lucas Vanroboys
  • Boston, MA
11
Votes |
22
Posts
Lucas Vanroboys
  • Boston, MA
Replied
Quote from @Erik Estrada:
Quote from @Lucas Vanroboys:

Yeah, traditional lenders don't have the creativity or flexibility to navigate my limited w-2 income history (first year out of university), boarder income I get from renting rooms in my primary or future contract values (professional athlete). I've just had a very frustrating experience the last couple months trying to navigate this space and get stuff done. I find it slow moving and restrictive so want to explore the private market.


 Okay I see, 

Have you looked into DSCR lending? Lenders will not look at your personal DTI to qualify. As long as the rental income covers the PITI and your FICO is above 620, you have a loan.


I have heard of them, but I don't really know where to start searching for them. Most traditional lenders I've talked with so far promote or mainly talk push FHA/Conventional products... which I've struggled with. Very curious to learn more and see how they could apply to my situation tho. The concept is very straight forward and exciting. Maybe you could point me in the right direction?

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