DSCR lender for North Carolina property

[Lore Postman]

I'm searching for a DSCR or similar lender for a North Carolina BRRRR. Will be ready by end of this year. If you're a lender or have recent experience with one, would you mind providing the following information to help me narrow my search (plus other thread followers may find your answers insightful).

- What do you require for your DSCR loans? (i.e. documentation, landlord experience, credit scores above x, net worth above $xxx)

- Do your loans have pre-payment penalties?

- What do your closing costs include? (i.e. points, appraisal, etc.)

Thanks in advance for sharing your contact info and these few details. 

[Robin Simon]

Quote from @Lore Postman:

I'm searching for a DSCR or similar lender for a North Carolina BRRRR. Will be ready by end of this year. If you're a lender or have recent experience with one, would you mind providing the following information to help me narrow my search (plus other thread followers may find your answers insightful).

- What do you require for your DSCR loans? (i.e. documentation, landlord experience, credit scores above x, net worth above $xxx)

- Do your loans have pre-payment penalties?

- What do your closing costs include? (i.e. points, appraisal, etc.)

Thanks in advance for sharing your contact info and these few details. 

Hi Lore - I can share our guidelines which are in line with the industry and comments above, but a little different. We are also a BRRRR specialist in that we have complementary programs DSCR and a bridge/hard money team, so we do a lot of "double deals" where we in a BRRRR we finance the purchase through hard money loan and then refi once the property is rehabbed and rented, all in one house (makes it much easier - don't have to go through the whole financing process again so quickly!)

What do you require for your DSCR loans? (i.e. documentation, landlord experience, credit scores above x, net worth above $xxx)
Light Documentation based on the property, no experience required, minimum credit 620, no minimum net worth

Do your loans have pre-payment penalties?
Our standard prepayment penalty is 5% for 5 years, but this is flexible (can have shorter/lesser penalties or none at all, but will pay higher rate or closing fees)

Closing Costs

Typically a 1% closing fee (only incurred if loan closes, can pay more in fees if you want to buy down the rate, less prepayment penalties, etc.).  Pass-through costs such as appraisal, credit report, docs, entity reviews, title etc. usually ~$3k or so