Under contract, loan company is trying to bait and switch, looking for a new lender.

[Rob Austin]

I'm under contract for a duplex in Indiana ($84,900) DSCR of 1.7

I paid for the appraisal upfront, and as soon as it came in, the loan officer is attempting to switch the loan from 85% ltv to 70% LTV, and raise the interest rate.

I'm looking for a new lender who is willing to use the original appraisal that came in today and offer 85% LTV with 7.5% interest as I was originally quoted.

Ready to sign and close right away.

[Jay Hurst]

Quote from @Rob Austin:

I'm under contract for a duplex in Indiana ($84,900) DSCR of 1.7

I paid for the appraisal upfront, and as soon as it came in, the loan officer is attempting to switch the loan from 85% ltv to 70% LTV, and raise the interest rate.

I'm looking for a new lender who is willing to use the original appraisal that came in today and offer 85% LTV with 7.5% interest as I was originally quoted.

Ready to sign and close right away.

You will not find a 15% down DSCR loan at 7.5% for a 2 unit. Unfortunately that was never available. If a rate/term is so out of the norm of the market it is usually not real. Now, there are a LOT of commercial purpose unlicensed LO's that were selling cars six months ago (nothing wrong with selling cars, just a different business) so they really just simply do not know what they are doing. Not that it helps you, but it may have been less of a bait and switch dishonesty but more incompetence. But, either way, you are going to likely have to put down at least 20% and the rate will likely go up if you want to proceed with the purchase.