Updated about 1 month ago on . Most recent reply
Dscr lender needed
I bought a 4 unit multifamily in cleveland I closed in December 2025. My agent connected me with a local broker, who got me a 6 month renovation loan to update and complete the last vacant unit. We are almost done renovation and will be on the market with it in the next week. Previous landlord had all three tenants on MTM leases. Starting May 1st all 3 units are tenanted with full signed 12 month leases in effect. Right now we are collection $4650 a month on those 3, and the 4th has a market rent of between 2250 and 2500 a month. The issue is have is I need a DSCR lender to pay off this original loan, but I don't have the 4th unit tenanted and I want to get this done ASAP. Anybody have recommendations on a solid lender?
Most Popular Reply
Hey Alex - a vacant unit should be completely fine here. I can absolutely assist you with strong terms, a streamlined process, and certainty of execution. Sending you a DM!