DEAL in DANGER! ISO DSCR lender w/no own-occ condo requirement

[Dana Powell]

I put in an all-cash offer last night, intending to refinance next month with a lender that has DSCR-financed 4 other loans of mine. Just found out today that the lender requires condo buildings to be at least 50% owner-occupied. Because of my high DTI, DSCR is the only option for me. Plus this lender's product is a 40 yr loan with 10 year interest-only at 4.25% and then 30 yr P&I at 4.25. ROI is 25%. Are there any other well-managed lenders out there with a similar product but no minimal threshold for owner-occupancy (or one lower than 50%)?

Thanks for the community's help!

[Dana Powell]

Thanks for all the feedback!  I spoke with a couple of you as well as the lender Russell referred.  Russell, a while back you recommended Christian Oropeza for landlord insurance policy who has since opened his own shop and he has been fantastic to work with!  And Chad, thanks for your counsel!

UPDATE: while I was engaged with you good people, my lender texted me to say she spoke with her compliance department and they WILL go over 50% tenant-occupied as long as one single entity doesn't own 20% of units. I'm happy because I really like this 40-year DSCR product. 4.25% with 3 points; 75% cash-out; 10-yr IO then 30-year amortization at same 4.25% rate. I ratified contract tonight.

Thanks again, and have a peaceful night.