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Updated over 1 year ago on . Most recent reply
Need loan help asap
I have a property that is own free & clear but am having trouble getting a loan do to high credit utilization & no extra $ to pay off to get credit score up for Traditional lenders . But if loaned the $ on free & clear tenant in place bldg I own ,was given then I can pay off high credit utilization & then score would go up & high dti would no longer exist because all debts will be paid & I will only have primary house loan & now investment property to pay for…
can someone please help me with this need loan asap !!
thank you in advance
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#3 Private Lending & Conventional Mortgage Advice Contributor
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- Austin, TX
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#3 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Austin, TX
Quote from @Houston Anglin:
I have a property that is own free & clear but am having trouble getting a loan do to high credit utilization & no extra $ to pay off to get credit score up for Traditional lenders . But if loaned the $ on free & clear tenant in place bldg I own ,was given then I can pay off high credit utilization & then score would go up & high dti would no longer exist because all debts will be paid & I will only have primary house loan & now investment property to pay for…
can someone please help me with this need loan asap !!
thank you in advance
How Many Units? Like the other posters have mentioned, DSCR could be a good option here, but DSCR Loans are generally max limited at 10 units.
PS - check out this article on Multifamily DSCR Loans published here at BP!
Multifamily DSCR Loans: A New High-Impact Loan Option For Real Estate Investors?