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Are Prepayment Penalties Allowed on DSCR Loans in Oklahoma?
#1 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Austin, TX
Prepayment Penalty Rules for DSCR Loans in Oklahoma
Prepayment Penalties are Fully Allowed with no restrictions for DSCR Loans in Oklahoma. Oklahoma law prohibits prepayment penalties only on consumer-purpose loans secured by a dwelling, per Okla. Stat. tit. 14A § 3-209, which states a borrower may prepay a consumer loan “at any time without penalty." However, DSCR Loans are strictly business-purpose and are explicitly exempt from this restriction. Consequently, DSCR Lenders can typically offer all standard prepayment penalty options such as Descending Prepay Penalties (i.e. “5/4/3/2/1”), Flat Prepay (i.e. 5/5/5/5/5) or other tailored structures in the Sooner State.
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