Investors: What's Your #1 DSCR Refinance Frustration?

[Ashlee Fake]

When you're refinancing with a DSCR loan, what's the single biggest factor that helps you decide which lender to go with?

DSCR borrowers: If a lender could solve one pain point for you when refinancing, what would it be?

For those who’ve refinanced with a DSCR loan recently:👉 What went well?👎What do you wish had gone better?

[Chris Seveney]

Quote from @Erik Estrada:

Quote from @Ashlee Fake:

When you're refinancing with a DSCR loan, what's the single biggest factor that helps you decide which lender to go with?

DSCR borrowers: If a lender could solve one pain point for you when refinancing, what would it be?

For those who’ve refinanced with a DSCR loan recently:👉 What went well?👎What do you wish had gone better?

 On the broker side here are a few things that bother me ALOT working with direct and wholesale lenders: 

1. Lack of Communication - Takes until the next business day to get a response on something very time sensitive. At least acknowledge and say, I have not gotten an update yet instead of ghosting. 

2. Lack of Experience - Don't be the guy that says NO, without asking upper management or your underwriter. You will lose $ all the time 

3. Outdated Portals - I absolutely hate uploading docs on a dinosaur website that uses encompass lol. 

4. Very Slow at giving pricing - I know it is the end of the month, but time is money. At least get back to me at the end of the day. 

5. Handle Appraisals, Title, Insurance and Third party Internally - I hate this with a passion. I do not like to follow bank-like procedures and this is why I prefer to work with wholesale lenders. Having control over these items is a must for me. 

 I think it also boils down to experience of who you are working with and how far down the food chain they are. We have seen deals where there were multiple brokers daisy chained and we just pass on those as the terms will never be that great because of all the fees involved.

WOrking with experienced people in any field is always best way to go, and not always the "cheapest"