Loan options for a 5 unit house.

[Mark Walker]

Community bank terms are 8.5% for 20y.

Any other options? DSCR?

[Ko Kashiwagi]

Hi Mark,

Sounds about right for a 5 unit. How much down payment is that for? There are 30 year fixed programs out there as well as DSCR based options. Happy to take a look

[Jay Hurst]

Quote from @Mark Walker:

Community bank terms are 8.5% for 20y.

Any other options? DSCR?

The issue you might run into to get 30 year financing on a 5+ unit in AL is the loan size. Most 5+ unit programs have loan mins starting around 500k. How much are you looking to borrower here?

[Mark Walker]

Quote from @Jay Hurst:

Quote from @Mark Walker:

Community bank terms are 8.5% for 20y.

Any other options? DSCR?

The issue you might run into to get 30 year financing on a 5+ unit in AL is the loan size. Most 5+ unit programs have loan mins starting around 500k. How much are you looking to borrower here?

Asking 1M but I'm thinking 800-900K, thanks

[Jay Hurst]

Quote from @Mark Walker:

Quote from @Jay Hurst:

Quote from @Mark Walker:

Community bank terms are 8.5% for 20y.

Any other options? DSCR?

The issue you might run into to get 30 year financing on a 5+ unit in AL is the loan size. Most 5+ unit programs have loan mins starting around 500k. How much are you looking to borrower here?

Asking 1M but I'm thinking 800-900K, thanks

 ok, then that would work for 30 year fixed programs in that same rate range. 

[Debbie Fales]

The higher your credit score and the more experience you have, the better your rate will be. For DSCR, the minimum credit we require is 620. For experienced folks, we can lend up to 80% of the ARV. If you'd like to talk through options, feel free to reach out.

Good luck! 

[Brandon Croucier]

Seems about right, I ran the scenario on a DSCR and I am at a 8.49% on that as well for a DSCR loan, 30 years fixed

[Mark Walker]

Quote from @Debbie Fales:

The higher your credit score and the more experience you have, the better your rate will be. For DSCR, the minimum credit we require is 620. For experienced folks, we can lend up to 80% of the ARV. If you'd like to talk through options, feel free to reach out.

Good luck! 

Thank you Debbie. My credit score is 813 and I own 17 SFR since 2004.

[Jacob Sherman]

yes definitely ! You can go 5-8 unit on DSCR no income no doc . What is the scenario looking like ?

[Debbie Fales]

It sounds like you're well-positioned for success, Mark. We'd need some property details to be specific about rate and term. If you'd like a no-obligation quote, send me a direct message. 

[Mark Walker]

Quote from @Jacob Sherman:

yes definitely ! You can go 5-8 unit on DSCR no income no doc . What is the scenario looking like ?

 I looked at the property today and will look again Tuesday but I'm sure I'm going to make an offer. 

[Jacob Sherman]

Quote from @Mark Walker:

Quote from @Jacob Sherman:

yes definitely ! You can go 5-8 unit on DSCR no income no doc . What is the scenario looking like ?

 I looked at the property today and will look again Tuesday but I'm sure I'm going to make an offer. 

Feel free to reach out anytime with any questions in regards to loan scenarios 

[Erik Estrada]

Quote from @Mark Walker:

Community bank terms are 8.5% for 20y.

Any other options? DSCR?

 Hey Mark, 

That loan amount is too small for Freddie Mac/SBL financing. I would try a local commercial bank, you might be able to get in the high 7s for a full doc commercial loan.