Hi Everyone! My siblings and I are purchasing a rental property together through an LLC and currently are talking to a national bank. They let me know that closing would take around 45-60 days. Is this normal? And if anyone has any good recommendations for DSCR lenders in Cleveland that can potentially close quicker, I'd love to learn more!
Thanks in advance for the advice and for the good vibes
45–60 days is just how national banks move. A DSCR loan to an LLC typically closes in 21–30 days once the appraisal lands. For the next property, it helps to have the loan numbers run before you bid — address, price, and current rents are all that's needed.
45–60 days is just how national banks move. A DSCR loan to an LLC typically closes in 21–30 days once the appraisal lands. For the next property, it helps to have the loan numbers run before you bid — address, price, and current rents are all that's needed.
Miguel, DSCR loans to an LLC are something we do regularly out of Strongsville, and local NE Ohio appraisers and title companies usually speed things up a lot compared with a national bank quoting 45 to 60 days. If you're still shopping, my direct line and email are on my profile and I'm glad to walk through a realistic timeline.
First, anyone who needs 60 days to close a DSCR loan doesn't know what they're doing, frankly. We've closed over 1,000 DSCR loans and none took that long.
With a sibling LLC, structure matters more than anything. Lenders differ on who has to personally guarantee, whose credit score counts, and which entity docs and corporate resolutions they need. Pick a lender that knows how to underwrite entities and those questions get answered up front, not at the closing table. We help with the corporate resolutions and entity structure to simplify the whole process.
And entities aren't just how you get the loan closed. They're the foundation for asset protection and anonymity. That's why you want a strategist, not just a loan officer.
I saw this deal never made it to the table so if you haven't talked with anyone about the foundation of your business, I'm happy to help. It'll save you from closing deals now and cleaning up entity structure later.
Disclosure: I'm a DSCR/hard money broker with DSCR Kings.
Hi Miquel, have you been able to close? I do have a recommendation for you. They are based in Ohio and I think that will actually help since they are local. They provide 100% financing for both purchase and rehab. It all depends on the deal. Some scenarios requires 10% down payment. Lets connect.