Looking for New Lender

[Derik Jones]

I’m shopping around a DSCR cash-out refinance and wanted to see if anyone has a lender recommendation that can beat the quote I’m currently reviewing.

I am specifically looking for an 80% LTV DSCR loan only. I’m not looking for a conventional loan, hard money, or anything based on personal income.

Property details:

Rental property value: $200,000

Target loan amount: $160,000

LTV needed: 80%

Current first mortgage payoff: approximately $94,636

HELOC payoff: approximately $31,662

Goal: pay off the existing HELOC and pull cash out for reserves

Current quote: 7.625% rate / 8.174% APR

Proposed monthly payment: $1,392.47

Estimated closing costs: approximately $9,925

the home is a duplex

Estimated cash back to borrower: approximately $21,829

Ideally, I’d like to get closer to $25,000 cash back while keeping the payment around $1,400 if possible.

The main thing I’m trying to improve is the cost structure. The current quote includes a 2% origination fee and a $1,795 underwriting fee, so I’m looking to see if there are lenders with lower fees, better pricing, or a cleaner DSCR product at 80% LTV.

Has anyone recently closed an 80% LTV DSCR cash-out refi with competitive terms? Any lender recommendations would be appreciated.