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Updated about 2 months ago on . Most recent reply

User Stats

38
Posts
37
Votes
Steven Scheetz
  • Flipper/Rehabber
  • Reno, NV
37
Votes |
38
Posts

Looking for DSCR loan

Steven Scheetz
  • Flipper/Rehabber
  • Reno, NV
Posted

Hello All. I have a property I turned into a short-term rental. It is stabilized and profitable now, and I'm looking for a lender that will lend on the profits of the property. I incurred a ton of debt to rehab the property, and then additional to furnish it. So in the interim to rehab and stabilize the property, my credit is now completely shot. So I'm in the tough position that the debt was incurred on behalf of the property, but now I am unable to qualify for a traditional mortgage to pay off the debt that was incurred on behalf of the property. So I think a DSCR loan is my only option. Any advice or DCSR or STL lenders you'd recommend?

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