🤔What details about your Loan Request are needed on a DSCR Loan Application?
👨‍🏫After likely reviewing quotes that include multiple options in terms of loan size and structure, the application will likely have a section on the specific loan terms being requested. This section is still malleable throughout the process, but picking specific terms to start is typically part of the application stage:
➡️Loan Amount (requested)
➡️Loan-to-Value (LTV) requested
➡️Loan Purpose (purchase or refinance)
➡️Purchase Price and estimated closing date (if acquisition)
➡️Current loan details balance, rate, payment, maturity date (if refinance)
➡️Loan Structure preference (e.g. Loan Amortization Type, if desiring Partial-IO or Hybrid (Fixed to ARM) structure, etc.)
➡️Statement on Use of Cash-Out proceeds (if a cash-out refinance) to confirm business-use)

DSCR Loan Process: Documents Overview: Stage 2: Application & Credit Authorization
https://harpooncapital.com/dscr-loans-guide/dscr-loan-proces...

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