Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 19 hours ago on . Most recent reply

User Stats

34
Posts
25
Votes
Nicholas A.
  • Buffalo Grove, IL
25
Votes |
34
Posts

How to make sure a DSCR lender is legit

Nicholas A.
  • Buffalo Grove, IL
Posted
I found a property I will be closing on shortly, and am about to finance the deal, but before I proceed any further I want to make sure I am selecting the right financier to assist with the lending portion.

I found somebody on google a couple years back, kept in contact with him, and am leaning towards using him for financing the DSCR loan. I already gave him an application and he ran my credit once, so he has all my information, some sensitive information.

I am a bit hesitant, and maybe rightly so, maybe not, because I actually have never met him. I just found him on google. How can you vet somebody and make sure they are legit? 

I can provide the name of the company, I am just not sure if its appropriate to list them on a public forum like this as if they are legit, which they very well may be, I don't want to slander them. 

Any advice/thoughts would be greatly appreciated

Most Popular Reply

User Stats

1,734
Posts
614
Votes
Devin Peterson
#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Sarasota, FL
614
Votes |
1,734
Posts
Devin Peterson
#1 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Sarasota, FL
Replied
Quote from @Nicholas A.:
I found a property I will be closing on shortly, and am about to finance the deal, but before I proceed any further I want to make sure I am selecting the right financier to assist with the lending portion.

I found somebody on google a couple years back, kept in contact with him, and am leaning towards using him for financing the DSCR loan. I already gave him an application and he ran my credit once, so he has all my information, some sensitive information.

I am a bit hesitant, and maybe rightly so, maybe not, because I actually have never met him. I just found him on google. How can you vet somebody and make sure they are legit? 

I can provide the name of the company, I am just not sure if its appropriate to list them on a public forum like this as if they are legit, which they very well may be, I don't want to slander them. 

Any advice/thoughts would be greatly appreciated


 Referrals, google reviews, social media, phone calls, and most importantly, an NMLS number! 

Doesn't hurt to have a bigger pockets account either lol!

I would recommend talking with an experience loan broker who can help you compare the terms across a wide variety of lenders!

business profile image
ProAlpha Capital
5.0 stars
104 Reviews

Loading replies...