DSCR Loan Inquiry for NYS

Rental Property Investor · Buffalo, NY · Member since 2017 · 12 posts · 7 votes

Hi,

My business partner and I are getting ready to cash out refinance one of our rental properties. I'm new to DSCR loans and I was wondering if anyone would be able to help? The property is a SFR. How long of a process does it normally take? What are rates typically? Who has the best loans/terms currently available? I haven't had any luck finding any DSCR Brokers while trying to search around.

Thank you for the help!

Jim

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Eric GoldmanBusiness Member

Lender · PA · Member since 2019 · 359 posts · 192 votes

@Jim Ziccarelli turn time using a great DSCR lender 30 days. contingent on the appraisal and title work. also how fast you get us the requested documents. rates are on the rise and we have seen increases weekly. things that impact rate. Credit score, Loan amount and the deal itself. Normally the max for cash out is 75% with DSCR lenders.

484-574-4878

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Eric GoldmanBusiness Member
Lender · PA · Member since 2019 · 359 posts · 192 votes
4y
@Jim Ziccarelli turn time using a great DSCR lender 30 days. contingent on the appraisal and title work. also how fast you get us the requested documents. rates are on the rise and we have seen increases weekly. things that impact rate. Credit score, Loan amount and the deal itself. Normally the max for cash out is 75% with DSCR lenders.
484-574-4878
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Stephanie P.Pro Member
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
4y
@Jim Ziccarelli
As the other guys have responded, generally speaking 30 days works. Sometimes a little more. Sometimes a little less. It depends on the appraisers ability to turn the report in on time and a few other factors like how fast can you get your docs in, do you already have a preferred hazard insurance agent and a title attorney.
Rates have moved from the high 3's and low 4's on a 30 year fixed to the middle 5's and even 6% for some on a 30 year fixed. Some investors are opting for a longer term to enhance their cash flow. As rates moved up last month, we did our first interest only loans where the first 10 years are interest only and then the loan locks into a 30 year fixed rate loan making the time to pay the loan off 40 years.
Stephanie
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Jay S.Pro Member
Lender · San Francisco Bay Area · Member since 2019 · 51 posts · 46 votes
4y
@Jim Ziccarelli Yes turnaround time is about 30 days. Down payment starts from 15%. Rates really depend on your LTV, your FICO and other factors etc. Let me know if you want any help. We have lenders which does DSCR in almost all states in US.
[email protected]408-832-8200
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Ken Vesely
Lender · NJ · Member since 2018 · 22 posts · 8 votes
4y
@Jim Ziccarelli we have closed DSCR loans in as little as 10 days (borrowers that paid a rush fee for the appraisal) we can turn them in 3 business days. Typical turn time to close (regular appraisal) is about 20 days. Anyone telling you 30-45 days id be weary. No reason to take as long as a bank to close a rental loan on this side of the playing table.
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Kyle Reece
Real Estate Broker · Plattsburgh NY · Member since 2021 · 45 posts · 26 votes
4y
Quote from @Jay S.:

@Jim Ziccarelli Yes turnaround time is about 30 days. Down payment starts from 15%. Rates really depend on your LTV, your FICO and other factors etc. Let me know if you want any help. We have lenders which does DSCR in almost all states in US.

correct me if I'm wrong but The One Brokerage does operate in NYS yet. I was told it wouldn't be till Q4 of 22'.
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Kamil Nicalek
Real Estate Agent · Sarasota Fl · Member since 2019 · 9 posts · 1 vote
4y
do you do loans in NY?

Quote from @Eric Goldman:

@Jim Ziccarelli turn time using a great DSCR lender 30 days. contingent on the appraisal and title work. also how fast you get us the requested documents. rates are on the rise and we have seen increases weekly. things that impact rate. Credit score, Loan amount and the deal itself. Normally the max for cash out is 75% with DSCR lenders.

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
6h
Hey Jim,
Happy to answer your questions
How long of a process does it normally take?
Usually 21-45 Days from start to finish
What are rates typically?
At this time low 7s - mid 8s
Who has the best loans/terms currently available?
This one is tough to answer, as it really depends on the scenario. Not every DSCR Lender is a one size fits all.
I haven't had any luck finding any DSCR Brokers while trying to search around.
Happy to chat!
[email protected]818-269-7983
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