Clarity on DSCR Loans

[Vicky Manthos]

Fairly new to the real estate scene and am interested in purchasing a multi-family, preferably a quadplex, by the end of the year. 

I have been exploring DSCR loans as a mechanism of financing. The yielded BP forum posts and online searches have been helpful, though there are a few things I find ambiguous.. If you may kindly clarify for a newbie.

In particular, is previous property ownership required to pursue this option (It seems a ratio of ~1.2 is more important); Also, wondering if the property in question must be purchased through a LLC? Some lender websites comment on the aforementioned while others do not. Therefore, wondering if there is a specific set of criteria with respect to this or if this differs from lender to lender.

Thank you for your time (and patience). :D