DSCR Loan docs question

[Bridgett J Bell]

Hi

I applied for a DSCR loan to cash out on a free and clear 4plex held in an LLC but the loan officer is asking for my personal bank statements, personal home mortgage statements. I don't understand why I need to submit these personal documents. My FICO is 812 and LLC has enough cash reserves and rent to service the loan. Should I submit the personal documents or find another mortgage company?

[Nick Velez]

@Bridgett J Bell

Lenders need to know that you are on time with your mortgages hence why they ask for mortgage statements. While it is in an LLC, you still are guaranteeing the note so your credit worthiness is important.

As far as personal bank statement's, the cash out proceeds should be sufficient for reserves so I am not sure why they are asking for personal statements, unless rent receipt is deposited into your personal accounts.