Need a PR lender who can close a condo purchase by Oct 14 — DSCR or commercial

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Need a PR lender who can close a condo purchase by Oct 14 — DSCR or commercial

Yuriy Skripnichenko
Property Manager · Phialdelphia, PA · Member since 2017 · 510 posts · 627 votes

Hi all , first post in a while. I'm hoping someone with boots on the ground in Puerto Rico can point me in the right direction.

We own a condo already in PR, so we're not new to buying on the island. We have a second condo under contract with a hard close date of October 14.

We spent the last six weeks in underwriting with FirstBank PR. They asked for every document imaginable, we produced all of it, and today they denied the loan — not on income, not on credit, but on the number of real estate loans we carry.

Where we actually stand:

  • Both borrowers are high earners with strong credit

  • Most of our loans are DSCR or commercial products; only two are conventional

What I'm looking for is a PR-based DSCR or commercial lender who underwrites the deal and the borrower's income rather than counting up every entity and loan on the schedule, and who can realistically close in about three weeks.

If you've closed a DSCR or commercial loan in PR recently, I'd be grateful for a name. Happy to take referrals by DM, and glad to share how it turns out — this seems like a problem other mainland investors buying in PR run into.

Thanks in advance.

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Bryce Axelrad
Houston, TX · Member since 2025 · 34 posts · 11 votes
3d

Yuriy, with the October 14 deadline, I would separate the two possible problems immediately: borrower eligibility and condo eligibility. A DSCR lender may be more comfortable with the number of properties you own, but the project's warrantability, short-term-rental rules, insurance and flood/wind exposure could still determine whether the condo qualifies.

My company does DSCR in Puerto Rico, if you're interested please reach out

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2w

    Hey Yuriy,

    Do you have a fannie mae condo questionnaire completed yet? The tricky part is confirming whether or not the condo is warrantable or non-warrantable. Also, do you know if the project is in a flood/ wind zone?

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  • Reginald TrussPro Member
    Lender · Toledo, OH · Member since 2015 · 1k+ posts · 96 votes
    2w

    I may be able to help with this. I work with multiple investor funding sources, but Puerto Rico is more specialized than a standard mainland DSCR deal.

    With an October 14 hard close, I’d want to review the basic deal structure immediately before saying whether I have a fit. I’ll send you a DM.

    0Reply
  • Yuriy Skripnichenko
    OP
    Property Manager · Phialdelphia, PA · Member since 2017 · 510 posts · 627 votes
    2w

    We are looking for a non-confirming non Fannie loan. No knowledge on flood or wind zone.

    0Reply
  • Muyees Ayilara
    Lender · Boynton Beach, FL · Member since 2026 · 13 posts · 2 votes
    2w

    Hey Yuriy, tough break on FirstBank after 6 weeks - I see that a lot with conventional counting all entities.

    Quick question - is the new condo warrantable / Fannie questionnaire already done? And is it 5+ units or single condo? I'm a referral partner with a DSCR / Commercial group in Boynton Beach, FL that underwrites off rental income vs. personal loan count, similar to what you described.

    I know PR can be state-specific - do you know if your title company allows mainland DSCR docs? If you want, DM me the rent / price / HOA and I can run it by our team to see if PR is in our footprint for Oct 14 timeline. No pressure at all.

    - Muyees | Boynton Beach, FL

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  • Justin DubePro Member
    Investor · Member since 2026 · 24 posts · 8 votes
    2w

    I'm Justin, mortgage broker — I do DSCR and commercial nationwide, including Puerto Rico. A bank declining you on loan count is a classic DSCR use case; most of my investors carry 10+ loans. DM me the condo details (purchase price, down payment, expected rent) and I'll tell you today whether I can get you closed by Oct 14 and exactly what it'll cost. No point wasting another 6 weeks.

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    • Yuriy Skripnichenko
      OP
      Property Manager · Phialdelphia, PA · Member since 2017 · 510 posts · 627 votes
      2w

      I set you connection invite. Cannot DM without the connection.

      0Reply
    • Justin DubePro Member
      Investor · Member since 2026 · 24 posts · 8 votes
      2w

      Accepted. Let's chat there.

      0Reply
  • Bryce Axelrad
    Houston, TX · Member since 2025 · 34 posts · 11 votes
    3d

    Yuriy, with the October 14 deadline, I would separate the two possible problems immediately: borrower eligibility and condo eligibility. A DSCR lender may be more comfortable with the number of properties you own, but the project's warrantability, short-term-rental rules, insurance and flood/wind exposure could still determine whether the condo qualifies.

    My company does DSCR in Puerto Rico, if you're interested please reach out

    1Reply
    • Yuriy Skripnichenko
      OP
      Property Manager · Phialdelphia, PA · Member since 2017 · 510 posts · 627 votes
      18h

      Sent you a connection request. This is a non conforming laon that we're looking for and the HOA allows short term rentals. As well as no known flood/wind exposure and we have a quote foe the HOI.

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