All Forum Posts by: Tammy Fleming

How long have you run this/or any/all hair salons?

Yes, you can get a DSCR loan for a commercial property, including for a business you own, like a hair salon. The loan is typically based on the property's rental income, and for a property with tenants or potential for rental income, lenders will use projected rents (no lease required). It's important to confirm whether the property qualifies and the specific terms of the loan based on the type of property and its income potential.

Tammy,

You have heard correctly that there are now expanded options for DSCR Loans that have extended some programs into the commercial lending space. I have a few loan programs that could potentially meet your needs, depending on the property and leasing structure. DM me for more information.

Do you have the hair salon business and own the building?

 Hi Tammy, 

Is this for a non-owner occupied commercial property? Or is this a hair salon that you own and operate?

Hi Tammy, yes, there is DSCR on Commerical properties (light doc commercial program) - some will go off of DSCR = NOI/PI calculation and some will go off of DSCR = Rent/PITIA. However, if it's an owner occupied commercial (owner is running a business in the building), typically the DSCR program no longer applies. In this case you can use a bank statement program - use 12-24 month average of the bank statement as income and qualify based on DTI.

Do you have the hair salon business and own the building?