Non-QM Product Insight

[Greg Franck]

Hello BP,

We are looking to do a cash out refi on one of our SFR's and reallocate that cash into a downpayment on an additional property. We are Fannie / Freddied out so we will be looking to move into the non-QM space. I have educated myself on some of the products available and found the most interest in a DSCR loan product as the SFR we are refinancing is cashflow strong. I was hopeful that some of the BP members with experience using these products can provide some basic insights on what we should look for in a provider and some of the terms / covenants that may differ from conventional financing. Additionally if there are any provider recommendations it would be appreciated.

 I will be having conversations with lenders in the next few weeks. Appreciate any insights you guys can provide!