1M loan amount with a 3M value. The borrower is trying to take out 1M cash (making the final loan amount 2M)which brings his DSCR to 1.04. Does anyone know of any lenders that will do this type of loan with a loan amount that high and with that many units? He is looking for a 3 year loan...
Full Version: 20 unit multifamily apartment complex
QUOTE(Joshua Sheffield @ Oct 17 2006, 04:48 PM) 
1M loan amount with a 3M value. The borrower is trying to take out 1M cash (making the final loan amount 2M)which brings his DSCR to 1.04. Does anyone know of any lenders that will do this type of loan with a loan amount that high and with that many units? He is looking for a 3 year loan...
Joshua,
I work with a lender that has a program that can go as low as 0.5% DSCR. Please contact me at our website below and we can discuss.
Thanks
I have to ask....
1.04X under what terms and rate?
Your 1.04X might be someone elses .80X
1.04X under what terms and rate?
Your 1.04X might be someone elses .80X
".....Your 1.04X might be someone elses .80X..."
very true! some underwriting models give credit for cash reserves in addition to recent repairs and add back certain monthly expenses to support the DSCR. Brick and mortar banks will remain as 1.2/1.25 while mst others will go donw to 0.9. If anyone tells you they will go lower they prob intend to cross collat the loan with other REO or are well....not being honest.
very true! some underwriting models give credit for cash reserves in addition to recent repairs and add back certain monthly expenses to support the DSCR. Brick and mortar banks will remain as 1.2/1.25 while mst others will go donw to 0.9. If anyone tells you they will go lower they prob intend to cross collat the loan with other REO or are well....not being honest.
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