Any preferred lenders that offer cash out on a rental property that will accept 2nd position and qualify based on DSCR? A HELOC would be preferred but not sure if thats a product that exists.
Property info-
3 Unit, long term tenant, owned for 4+ years
First Loan Amount- $592,000
PITI Payment- $3800
Rent Roll- $8125 a month, long term leases.
NOI- 75,500
At 7 CAP property is worth $1.1Million but sales comparison will only appraise at about $900k.
Looking for loan amount or line of credit of $200k.
800+ FICO
Owned under LLC
Cannot qualify with tax returns
Not many options when searching online. Has anybody as done a similar deal or know a lender that offers this product?
DSCR 2nd position lenders
byu/rainareddits inrealestateinvesting
Posted by rainareddits
1 Comment
Have you tried reaching out to some of the smaller regional banks or credit unions in your area? They’re usually more flexible with creative lending products than the big banks
Also might want to check with some of the DSCR lenders like Visio or Kiavi – I know they do firsts but not sure about seconds. Worth a phone call though since your numbers look solid