BP Community,

I've been working with two brokers for the last four weeks on a DSCR loan, but I still have nothing to show. Long story short:

1. My wife and I bought a property under an LLC. We converted a single-family residence into two condos.

2. We put the condos for sale this year and have had little to no interest. We decided to pivot and refinance the hard money construction loan with 13% interest. We removed the listing a month ago. I learned that trying to get financing after listing a property is hard to do. 

3. The two units together should appraise between $1.6 to $1.7 million. 

4. We will rent the bottom unit short-term and the upper unit rent per bedroom for medium to long-term stays. Both will be furnished. We should get around $12k per month. However, the market rate is lower, around $9k together. 

4. The outstanding loan is around $1.2 million

5. Our credit scores are not good since we ran up the credit card to finish construction and furnish these units. My wife is around 700 depending on the credit reporting agency used. Mine is worse in the mid-600s. 

6. In a perfect world, we get an LTV of 80% with an interest rate under 8%. Obviously, the lower the better.

7. Our hard money loan matures in the middle of June. We want the DSCR loan to close before then.

If there is someone who thinks they can help, please message me ASAP. If someone has any other ideas please let me know. 

I appreciate the advice,

Eric