What Funds Must I Still Have if Getting $100K Back On DSCR Refi?

[Burt L.]

I've been in a long haul on a smaller multi-family rehab and watched the rates almost double. 

I still have a 1.2 DSCR as it was a strong buy but am finishing with very little monies in the pocket. I will have $350K+ in equity with taking $100K or so in cash-out at close. I"m finishing the project with very little left and lenders still want to see bank statements even though the loan is property-based. I"m told I can use the proceeds of the refi as my 6 months reserves.

What will lenders be looking for in my bank statements. A potential lender said they are just looking to see that there are no NSF checks written but I didn't fall off a turnip truck yesterday. What are they more likely looking for?

I've had to increase the scope of the work and decrease the finances to do so. I didn't think that bank statements were needed on DSCR's at all but it appears that I'm incorrect.

Many thanks for your input. 

[Kevin Woodard]

@Burt L. this is definitely one of the factors you will need to discuss with your lender, as it depends. 
Some sources will allow for 100% of proceeds, others will allow for 10% of proceeds to count towards liquidity reserves. 
Outside of that usually large deposits anywhere from $20,000-$50,000+ (lender dependent) may require a letter of explanation. 

If you have any questions or need templates feel free to reach out.