All Forum Posts by: Joel Diaz De La Rosa
Joel Diaz De La Rosa has started 2 posts and replied 2 times.
Post: DSCR Cashout Refinance for Mixed Use Property
- Posts 2
- Votes 0
I am looking for a lender that offers DSCR loans for mixed use properties at a decent rate. The property is 82% residential/18% commercial. It is producing a total of $1800/mo in rental income. I am looking for a 75% LTV or 80% LTV. I'm trying to get the most out of the property so I can use the funds to purchase a 4 unit that is available. It's been very difficult to find a lender to fund this. The property is technically a single family home but since I allow my tenant to run her salon out of it I assume the appraiser will claim it to be mixed-use.
Estimated Property Value: $180,000
Residential rent: $1,476/mo
Commercial Rent: $324/mo
Current Remaining Loan: $51,888
Current P+I payments: $377.77/mo
Approx. Property Tax: $250/mo
Approx Insurance: $108/mo
Post: DSCR Loan- Multiuse Property
- Posts 2
- Votes 0
Does anyone know of a good lender that offers DSCR Loans for a multiuse property in Wisconsin. I'm looking to do a cash out refinance on a 2 unit property. 50% residential/50% commercial. I bought it for $71,000 and is now worth $193,000. The lender that currently approved me seemed overpriced (High Fees & Interest Rate). Attached is a photo of the offer. Is this exaggerated? My credit score around 746.
