DSCR lenders with good track records that work in philly market

[Elliot Hendler]

Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.

Any recommendations or introductions would be greatly appreciated.

[Paul Defngin]

Quote from @Elliot Hendler:

Hey, I have a SF that is rented, for 1100 a month, with 102,500 pay off to my hard money lender and should appraise for around 160-170k im looking to get out of my hard money loan and into a 30 year fixed, and looking to make a relationship with a lender that does DSCR loans in the area.

Any recommendations or introductions would be greatly appreciated.

This will be a tight one for any DSCR lender.  Most lenders in that space would want to see a DSCR of at least 1:1 ratio, some especially in the current environment would want 1.25:1 ratio, and with higher interest rates now, just your Principal & Interest payment alone is going to put you closer to that $1,000 mark.  Add in your other expenses such as insurance, taxes, etc. and you'll probably exceed that.  

Keep checking around, maybe someone will be able to do it. Good luck.