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Updated 10 months ago on . Most recent reply

Nelish Patel's profile image
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Nelish Patel
  • Member since May 13, 2023
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Nelish Patel
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Nelish Patel
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Buying & Selling Real Estate

DSCR loan rate is high

Nelish Patel
Posted

Hello everyone. 
looking for some advice. Found a property I like to make an offer on. Contacted local DSCR loan officer and was told the best rates would be 7.325% with 30% down and that's with two points. This seems high. When running numbers these property comes as negative flow. Anyone recently done DSCR and have any advice for me?

Columbia, South Carolina
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Logan Singleton's profile image
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Logan Singleton
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  • from Boston, MA
  • Member since Sep 10, 2023
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Logan Singleton
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  • from Boston, MA
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Logan Singleton
  • Lender
  • Boston, MA
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Logan Singleton
  • Lender
  • Boston, MA
Replied

Hello, The rate quoted is competitive in this market. As for the downpayment, the lender might be requiring more down in order to meet DSCR requirements.

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