Does anyone have experience with DSCR lenders?

Question

I have used Launch Financial (NOT A DIRECT LENDER) (I posted my thoughts on these guys here if anyone is curious). The DSCR lenders who wrote the actual loans are Lima One and Deephaven Mortgage. I do not want to continue with Launch as a middleman, but when contacting these lenders directly, they won't work with me- I get referred back to Launch.

Anyone have any experience with DSCR lenders themselves? Would be great to get some feedback!

Brandon Croucier · Answer

Hi Sylvie, Would love to connect and see what we can do for you in regards to a DSCR loan!

Stephanie P. · Answer

Hey Sylvie,

Lots of self promotion going on on this thread.  I'll change it up a little bit.

Most DSCR lenders don't have retail arms; some do, but most don't.  The job of a broker is to find which lender is going to be the best fit for the borrower and then get that borrower together with the end financing that will give them the best experience.  Here' an example:

I have a borrower right now who has challenged credit, is purchasing two properties from the same seller on the same contract, wrapping the value of the two properties together.  There are very few lenders that will do that loan, but we're sending his loan to the lender that best fits his situation.  If we didn't know the other lender's guidelines, it would be a waste of time for him and us.  I have another borrower that has stellar credit and plenty of cash, but the property is just going to break even on the DSCR number, so they have to go to a lender that allows for a 1.0 DSCR (not all of them do) with decent rates.

DSCR is like the wild wild west and you need a broker that knows they myriad of guidelines for each lender.

All the best

Stephanie

Mary Ainsworth · Answer

Hey Sylvie,

I just sent you a PM but I'm with a direct lender and we fund all our DSCR loans ourselves! I can see why you'd want to cut out the middle man - brokers and other intermediaries normally result in you having to pay double in lender fees

Attaching my specs here as well, I sent you my email over direct message if you'd like to get a quote!

Joseph Chiofalo · Answer

Hi Slyvie,

Is this a purchase or refinance transaction you are looking to do with the DSCR loan?

Our group gets a lot of requests for DSCR funding due to minimal documentation needed for approval and competitive pricing.

Many of our investors utilize this program for their deals.

Jack Krusinski · Answer

Hi Sylvie! I have a great DSCR lender I recommend. I just sent you his contact information. I personally use him for all of my investments and recommend him to all of my clients.

Alecia Loveless · Answer

@Sylvie Kuzminski I’ve been working with Brandon Turners new lending service on some DSCR stuff and been pleased. Better life ref all one word .com.

Jacob Sherman · Answer

We're a direct DSCR lender . Would love to connect and discuss what some of your scenarios are looking like .

Alex Hunt · Answer

Hey Sylvie, would be happy to help you on DSCR loans & others!

Devin Peterson · Answer

Hi Syvlie,

In some cases, if you use a broker and they have a connection with a bank, your name is saved in the lender system and referred back to the broker. You can 100% shop other lenders and brokers for different and better opinions.

Happy to connect and answer more questions! Good luck!

Sylvie Kuzminski · Answer

I don't mind working with a broker if the broker is knowledgable and provides value to the transaction. With this specific broker, it has been nothing but headaches.

I am certainly happy to discuss further and see if we can work together!