All Forum Posts by: Devin Peterson

I recently found an off-market property and was able to negotiate the price down due to foundation concerns. I plan to purchase it in cash and repair the foundation. Other than that, I will be adding a closet to a bedroom and fixing a few small things. Everything else is in good shape. My question is, are there conventional or DSCR lenders that would allow me to refinance 70-75% of just the initial purchase price, not the ARV, with no or little seasoning? I have a few other properties I'm watching and would hate to have a large chunk of my funds tied up for 6 months. I'm talking with one lender that seems promising, but if anyone knows a good lender, I'm open to suggestions. I'm in north Texas.

Can anyone recommend a DSCR lender that will finance a 5 unit on DSCR?

@David Fals I'm not a lender, but looking at this it seems high to me also.

• Points (1.5%): At $2,146, that's roughly 1.5% of the loan, which is a bit high unless it's to buy down the rate—though 7.625% is not a bought-down rate in today’s market (as of May 2025).

• Loan Origination Fees ($1,490): Slightly high but not unheard of.

• Transfer Tax ($4,747): This is very state/county-specific and very high relative to purchase price (~2.5%). If you’re in a high-transfer-tax area (like parts of Pennsylvania or Florida), it’s plausible. Elsewhere, it’s worth reviewing.

In total, 3–5% of the purchase price is considered average for closing costs. For your $189,900 home:

• 3% = ~$5,700

• 5% = ~$9,500

You're well above that—likely due to:

• High transfer tax

• Points

• Possibly lender buffer reserves

• I would definitely shop this loan, often times when a lender is working to earn business via competition the fees/rates can get better. Consider trying a local credit union and a mortgage broker.

Hey friends — I'm looking for a mortgage broker who knows the ins and outs of rural properties near Fort Worth. Got any good recommendations?"

I'm having a hard time finding a lender for a cash out refi for a 5 unit property I have owned for 3 years. It is located in upstate NY 14456 and I had a broker's value done which came back at $236k. Most lenders I talk to don't want to lend on anything under $400k fir a 5+ unit rental property. Any resources or referrals would be appreciated.

Hi everyone, 

What is the best way to find a good lender for your market? Also, what makes a good lender good? 

I just started my real estate investment journey and want to get a pre-approval amount estimate. 

To any lender available to finance in Ohio, I'd love to connect. 

 Devin, what is no season cash out?

Hi everyone - I am looking for lenders who will work in St Louis, MO. It will be through an LLC. The LLC is owned by me and my husband and both of us are non-US citizens. Please reach out to me if you would be willing to work. Thanks!

Hello !

My closing is on May 23rd in TX, double closing , and I'm looking for recommendations for direct lender that could handle it, if you have any experience with one like that i will highly appreciate it :)

credit score 800. Dscr 1.25ish ,25% down

I have a 6 Unit Apartment Building in Chicago that I'm looking to refinance with cash-out - or sell.
(3) 2BD/1BA + (3) 1BD/1BA. Large units, DR/FR.
Commercial loan.
1 tenant being evicted, all the other apartments rented, below market rents. Waiting list for the 1 unit soon-to-be rented.
Brick Building.
8132-8134 S Maryland Ave, Chicago IL 60619.