Looking for an experienced lender for bank statement or DSCR loan

[Jimmy Sont]

I'm currently looking for a lender that is experienced with bank statement loans or DSCR loans in AZ. My current broker has spent 2 months trying to find me a good lender but not much luck. The first lender was slow at responding and the second lender wanted an extra 10% down for a total of 30% down for using AirDNA data and for the appraisal showing a "declining" market. Thanks in advance

[Erik Estrada]

Quote from @Jimmy Sont:

I'm currently looking for a lender that is experienced with bank statement loans or DSCR loans in AZ. My current broker has spent 2 months trying to find me a good lender but not much luck. The first lender was slow at responding and the second lender wanted an extra 10% down for a total of 30% down for using AirDNA data and for the appraisal showing a "declining" market. Thanks in advance

 Hey Jimmy, 

There is a few ways to approach the rental income. If you are using the actual short term rents, lenders will require 12 months of statements showing proof of short term rental income. The minimum downpayment on a DSCR loan is 20% down if you have experience, but most lenders are at 25% down.

Since its in a declining market, there may be an LTV OR rate adjustment for this, without compensating factors. If you have compensating factors such as reserves, FICO, DSCR ratio, and etc.. you may be able to get an exception.