Refinance hard money loan for rental

[Daniel Hartz]

I'm looking to refinance one of my LLC's rental properties in El Paso. The property doesnt ratio for a DSCR, so I'm shopping for a rate refinance from 10.99%. My credit is 745, I have $50k in equity, and the property has since had its significant rehab work completed. So yeah, that 10.9 sucks and im looking for lowest fix rate and monthly payment.

[Devin Peterson]

Quote from @Gabriel Miritello:

Quote from @Devin Peterson:

Whats the reason it doesn't cover the DSCR? Is it fully renovated and stabilized with a tenant?

Being an EP investor ill take a guess-high taxes low rent rates. EP is rough from what I have seen. Looking forward to hear back from OP.

Lots of creative ways to get a DSCR loan done. If taxes are higher and rent is lower. I reccommend longer am schedules or I/O options. Sometimes a rate buydown is necessary as well. It would help to also have proof of a current tenant paying a higher amount for at least 3 months to be able to use actual income over market rents. Just a few ideas!