Looking for a lender who can lend under 100k for a refinance

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Looking for a lender who can lend under 100k for a refinance

Christopher CarterPro Member
Solano County, CA 路 Member since 2022 路 6 posts 路 2 votes

Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 

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Michael Norris
Specialist 路 Strongsville, OH 路 Member since 2016 路 303 posts 路 217 votes
7mo
Quote from @Christopher Carter:

Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 


 Call Neal Wolf at North Coast Consulting Group aka NCCG in NE Ohio (855) 902-6224 tell him I sent you

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  • Arman AhmedPro Member
    Real Estate Agent 路 Columbus Cleveland Dayton, OH 路 Member since 2024 路 2k+ posts 路 926 votes
    7mo

    @Christopher Carter

    Happy to share my referrals. Feel free to dm me and I will connect you. 

    [email protected]614-418-6081
    0Reply
  • Stacy RaskinBusiness Member
    Lender 路 Member since 2022 路 1k+ posts 路 503 votes
    7mo

    For investment properties, some DSCR lenders will go down to a $75K appraised value and a $5OK loan amount depending on LTV. It's the same work to do a $55K loan as a $500K loan so the fees will be higher due to the loan amount but will still be much lower than what a lender or broker gets paid on a higher loan amount.

    DSCR loans won't use your income to underwrite the loan. More on DSCR loans: DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

    Here's a bit more in detail about how rates are calculated for DSCR loans:

    1. Credit score- the higher the best. 760-780+ generally gets best pricing for investment property loans with most lenders. From there every 20 point increment affect pricing differently. So for example, a 761 credit score will be in the 760-779 credit category, then going down to 740-759 and so on.

    2. Loan to value ratio: The higher the loan to value ratio (LTV) is, pricing takes a hit. So your pricing will be higher for a 80% LTV loan than for a 60% LTV loan.

    3. Prepayment penalties- usually 1-5 year terms. The shorter the prepayment term has an impact on increasing the rate.

    4. Are you cash flowing the property? More on how that is calculated below. Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable). Many lenders will not do a DSCR loan unless cash flowing. If they will do a loan with less than 1, the pricing takes a hit. This criteria is for 1-4 and 5-8 unit programs.

    I've included an example below to help illustrate this.

    So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.

    See example below:

    DSCR < 1

    Principal + Interest = $1,700

    Taxes = $350, Insurance = $100, Association Dues = $50

    Total PITIA = $2200

    Rent = $2000

    DSCR = Rent/PITIA = 2000/2200 = 0.91

    Since the DSCR is 0.91, we know the expenses are greater than the income of the property.

    DSCR >1

    Principal + Interest = $1,500

    Taxes = $250, Insurance = $100, Association Dues = $25

    Total PITIA = $1875 Rent = $2300

    DSCR = Rent/PITIA = 2300/1875 = 1.23

    If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable). If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.

    DSCR lenders generally let you vest either individually or as an LLC. It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals. Happy to connect to discuss further.

    [email protected]818-770-0340
    Bright Skyline518 Reviews
    WebsiteView Page
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  • Andrew Zamboroski
    Lender 路 Member since 2021 路 495 posts 路 130 votes
    7mo
    Quote from @Christopher Carter:

    Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 

    As Stacy mentioned, plenty of lenders like myself can go down to a 75K value. It鈥檚 a more niche market, but it exists and they are done in volume in the Midwest.
    0Reply
  • Ken M.
    Investor 路 Get yourself trained before doing something inadvisable. 路 Member since 2024 路 3k+ posts 路 1k+ votes
    7mo
    Quote from @Christopher Carter:

    Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 

    I would try a "private lender" like a doctor, friend of the family, businessman with money in an IRA, 401(k) or pension plan that wants to invest. Go to your local business people and talk to them.
    0Reply
  • Bo SmithPro Member
    Hinton, WV 路 Member since 2026 路 1k+ posts 路 373 votes
    7mo

    Dayton's got some solid cash flow properties. One tip - if you're refinancing to pull cash for more deals, make sure you're running the debt service coverage ratio first. Most portfolio lenders want 1.2x minimum. What's your main goal with the refi - cash out or just better terms?

    0Reply
  • Michael Norris
    Specialist 路 Strongsville, OH 路 Member since 2016 路 303 posts 路 217 votes
    7mo
    Quote from @Christopher Carter:

    Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 


     Call Neal Wolf at North Coast Consulting Group aka NCCG in NE Ohio (855) 902-6224 tell him I sent you

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent 路 Columbus, OH 路 Member since 2017 路 6k+ posts 路 7k+ votes
    7mo
    Quote from @Christopher Carter:

    Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 


     I can send you some referrals!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
    Reafco512 Reviews
    WebsiteView Page
    0Reply
  • Steven Baum
    Member since 2025 路 146 posts 路 4 votes
    7mo
    Quote from @Christopher Carter:

    Looking for a lender who can lend approx 60-75k for a refinance on a single-family rental property in Dayton OH with rates within reason. 


     I can get this done, can you send over more details?

    馃摓 (208) 732-2326
    馃摟 [email protected]
    馃寪 www.lilacfunding.com

    0Reply
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