All Forum Posts by: Austin James Weed

 Thanks David! @Hana Mori - sorry to hear about your experience. At first glance, this does seem unexpected & not in line with how the process should go. Usually on DSCR loans, lenders will provide a preliminary cost breakdown but we usually can't pick the pencil back up and finalize terms until the appraisal report is in hand and expenses (tax/insurance/HOA figures) are finalized. It seems as if everything remained true here though so the increase in fees is certainly frustrating.

Were these lender fees or third-party fees? Is it possible that you got quoted title, insurance, escrows, recording fees, etc. that were less than the actuals? If it's the case that the lender origination/broker fee increased last minute I would not be thrilled.

Regarding LTV, are there any seasoning restrictions in play? Perhaps you bought the property less than 6 months ago, for example, and then lender just realized that and is needing to dial back leverage?

At the end of the day, DSCR loans are a moving target when it comes to your final cash out proceeds. I think the bigger question is why the LTV lowered & why lender fees are increasing.

If you have maturing debt on the property or need to deploy this cash elsewhere, I would try and see it through with your current lender & work toward a solution. If not, it may be worth shopping around for a better option (rates likely are lower since you started the process a month ago). Best of luck!

 Thanks David! @Yusuke Koike - happy to assist here. I'm with Easy Street Capital & we are eligible to 80% LTV on condo acquisitions. I'll shoot you a message.

Hey Will, I'm located here in Tampa (Hyde Park area). I'm primarily in the fix/flip & DSCR space if you are looking for financing on an investment property. If you need more traditional financing I can connect you with a couple local guys as well. Will shoot you a message!

Hey Andrew, if you're looking to flip a SFH I'm assuming the property is somewhat distressed and you need rehab funding as well. Even with excellent credit and a good job, it's likely that the 'as is' condition of the home won't conform to conventional guidelines. This is where a hard money loan comes in.

Once you get the property rent/tenant ready post renovations, that's when you can look to refinance into conventional financing. As @Katherine Blazer mentioned above, it sounds like DTI might be your limiting factor for the loan amount you can take out? In that case, a DSCR loan would be your best bet where you'll qualify for the loan based on the rental income the property will produce (as opposed to your personal income/debt).

 Sweet, much appreciated I plan to be there!

Are there any BiggerPockets meet ups in the Tampa or St. Pete area? Just relocated from Nashville and looking to get plugged in.