DSCR loans for $50-$80k purchase price

[Darnell Robinson]

Greetings! 

My partner and I visited Detroit MI this past weekend and found 2 deals:

TRIPLEX for $50k with ARV of $130k with one unit already rented at $1000 & the other two needing about $30k to rehab. Address is 13000 Plymouth Rd Detroit, MI 48227.

DUPLEX at $75k. Duplex, ARV $100-$127k both units empty, one is ready to rent and the other needs about $15k rehabs rents at $1200 per unit, per our agents MLS info. 12190 Santa Rosa Drive, Detroit MI 48204.

We've been trying to get a DSCR Loan but keep hearing the purchase amount is too low. Any suggestions?

[Travis Biziorek]

Quote from @Ryan Brown:

Quote from @Cameron Mehta:

SO many people here with opinions that know nothing about Detroit. There are for sure DSCR lenders that lend down to 50k. And the person who said Detroit property rents are so low and won't work for DSCR debt is on crack.

Cameron would you mind naming a few lenders that offer DSCR loans with 50K min? Specifically asking for Detroit area.

Check out the folks at Mino Lending in Detroit. I know Cedar Neeley over there pretty well and they are one of the only lenders I know of doing loans of this size. 

[Robert Barnowsky]

Thank you so much for the recommendation Travis! 

I'm the Operations Director with MINO Lending Solutions. We can in fact go as low as $50k for DSCR.

Give us a call or visit our website where you can quickly fill out an application. 

www.minolending.com/

[Lorenzo Decaria]

Quote from @Mike Dissett:

Hi Darnell:

I can help you with loan amounts down to $55,000 on DSCR loans. We require 20% down, so that would make or minimum purchase price $68,750

Hi Mike, can we connect? I may have the need for a loan. Thanks!

[Charlie Gonzalez]

Hi Darnell,

we allow loan amounts as low as 75k. Not only that, we allow up to 6% seller concessions. Yes…6! This is huge for investment properties. This can cover most if not all of your closings costs. If you want in, please feel free to reach out and I can pair you up with one of my mortgage brokers and we can help you out. We’d close the loans with me as I’m the lender. And I also know plenty of realtors if you wanted to connect with one as well. 

[Robert Barnowsky]

I commented a couple weeks ago but I just want to be sure I offer assistance to anyone who needs it. 

I'm the Operations Director with MINO Lending Solutions. We're a local lender based out of Detroit but we can lend in 46 states. 

We can go as low as $50k loan amount. 

Even better news, we can now offer No Seasoning on DSCR.

Please feel free to give us a call (866) 646-6536 or visit our website www.minolending.com

[KiKi Wood]

Hi Darnell! I have a great investment lender that is licensed in Michigan, and she does 100% financed fix and flip, that you are able to refy into a DSCR loan. These properties seem to have potential. Message me if you want me to connect you with her! :) Good luck!

[Ryan Brown]

Quote from @Travis Biziorek:

Quote from @Ryan Brown:

Quote from @Cameron Mehta:

SO many people here with opinions that know nothing about Detroit. There are for sure DSCR lenders that lend down to 50k. And the person who said Detroit property rents are so low and won't work for DSCR debt is on crack.

Cameron would you mind naming a few lenders that offer DSCR loans with 50K min? Specifically asking for Detroit area.

Check out the folks at Mino Lending in Detroit. I know Cedar Neeley over there pretty well and they are one of the only lenders I know of doing loans of this size. 

 Thank you, Travis! Also, dm'd you about something separate.