No Seasoning DSCR Options?

[Matthew Tyson]

As the title reads, I am looking for a DSCR lender with no seasoning requirement (if possible). I purchased a rental property just over 30 days ago with cash, and already have a tenant in place. Looking to pull capital out to move onto other projects I have in the pipeline. Also interested in entertaining funding for those if possible. I am familiar with delayed financing, but would like to pull more than 80% of purchase price out if possible. 

• Property is located in San Antonio Texas. 

• Purchased for $120k. All in around $127.5k. 

• Insurance @ $860/year. 

• Property Tax @ $2,950/year. 

• No HOA.

• 12 month lease in place as of 10/1 @ $1,395/Month.

Thank You!

[Alex Breshears]

Just playing devil's advocate - if you do manage to get 80% of 185k, would the property still cash flow with current rates on DSCR loans? I'm looking at this from the eyes of a DSCR lender, the 1% rule isn't close at all if the rent is $1350. DSCR loans will likely require at minimum 1.00, so the monthly payment and rental amount would need to be equal or the rent higher. Just doing quick numbers - that total loan would be $1400 at 8% with the insurance and taxes you mentioned. So the problem might be not the seasoning but the DSCR ratio for a loan.