Advice on DSCR Lenders with No Real Estate Experience

[Account Closed]

Hi all -

Any advice on DSCR lenders? I want to buy a single-family investment property in the St. Louis area around the $70k mark. Assuming a 75%–80% LTV. Proforma is at a 10% interest rate, and the respective DSCRs are (2.267) for 75% LTV and (2.125) for 80% LTV. I've talked with several lenders, and most want previous experience (owns home and investment property), which I have neither. I am flexible on LTV, interest rate, and term length.

[Devon Telberg]

Quote from @Nate Herndon:

Quote from @Account Closed:

Hi all -

Any advice on DSCR lenders? I want to buy a single-family investment property in the St. Louis area around the $70k mark. Assuming a 75%–80% LTV. Proforma is at a 10% interest rate, and the respective DSCRs are (2.267) for 75% LTV and (2.125) for 80% LTV. I've talked with several lenders, and most want previous experience (owns home and investment property), which I have neither. I am flexible on LTV, interest rate, and term length.

Hi Harry, I do know of some loan programs that can go as low as $75k value/purchase price and $50k minimum loan amount. First time investor status is not an issue either, just need to hit a 1.00+ DSCR on a 30-year fixed. Will PM you with some details.

 Hi Nate, I went to your website and interested to learn more information. Filled a form from the website.