All Forum Posts by: Account Closed

Just got a DSCR rate quote from one of my lenders and it came out at 8.5% with no pre-payment penalty.

Seems a little high from what I thought it would be.

Anybody get one recently and can tell me if this is a competitive rate?

Hello all,

so I'm a couple BRRRRs with a lease options in and the issue I'm having is Fannie Mae and Freddie Mac both need a 12 month seasoning period and so-far all the DSCR 30 yr I've found do 6-12 months seasoning. I've gotten both my houses rehabbed and rented in 2 months leaving me and my contractors waiting 4 months for the next project since I'm waiting to cash out to get the initial down payment back. Just need an infusion of cash to fund rehab costs while my initial funds are locked in equity until seasoning is done. I'd be able to acquire fix and flip loans from the money I used to rehab previous properties from the fix and flip loan reimbursements. Does anyone have a solution on a type of line of credit that's not a heloc, or a dscr cash out refinance that is maybe 3 months seasoning so I can keep the train moving in the express lane instead of making a ton of stops. I looked into small business lines of credit today but they will lend 10-15% of annual revenue which where I'm at now is only 68k so obviously I can't do much with a 6k line of credit to fund some rehab phases. Just trying to see if anyone has any creative options I haven't heard of yet. Can't find out what's out there if you don't ask for solutions to problems lol.

So for these DSCR loans, I don't need to provide any tax returns for prooof of income, nor work history?? As long as the deal makes sense and is passive of 1.0 or greater I can possibly get approved?

Hi all,

I'm an architect and developer based in Europe and considering investing in the US - new builds and BRRRR.

If I bought and renovated a property in 100% cash, would it be possible to refinance with a DSCR mortgage, being a non-resident?

Thank you both, I have seen similar loans but never heard the acronym. This is very helpful! Any lender recommendations?

DSCR Loans are EVERYWHERE. Use the bigger pockets "Find a lender" tool and just start calling lenders or mortgage brokers and compare rates. Don't overcomplicate it.