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DSCR Loans for Properties Worth Under 50K Each
Good evening to everyone! I'll keep this post short and sweet: We are currently buying two properties under 50K each, but total purchase price for both properties would be 80K. Unfortunately, we have seen that many lenders ask for 75K PP per property. Are there any 30 year DSCR or Portfolio loans that would fund such a deal? If not, are there any that would allow us to refinance with no seasoning afterwards? Thank you for your answers, and any other creative financing suggestions!
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- Austin, TX
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This is too low value for any DSCR Lender I know of - vast majority of DSCR Lenders are at around $100k minimum loan amounts, some down to $75k and very rare but possible down to $55k - but this is loan amount not property value - so under $50k property value is basically impossible
This begs the question though - are these properties turnkey or need of renovations? At that value point, its hard to imagine they are in good shape - DSCR Loans are only for turnkey rentals - you might actually be looking for Hard Money for rehabs or a LOC