DSCR Loans/ Hard Money Lenders

[Heather Hall]

Hello,

I have been reading through the Bigger Pockets Forums to hunt for your good and bad experiences with DSCR Lenders. We are looking at a 30-year fixed for a Single Family STR , but we are open to suggestions re: ARMs, Interest Only, etc.

 Feedback regarding your personal experiences rates changing; hidden fees; closing on time; professionalism of the loan officer you worked with, etc., are all appreciated, for the below listed lenders, and we are open to new suggestions for lenders not listed.

  (1) Host Financial

  (2) Mortgage Shop

(3) Lending Deck

Thanks!

[Jeff Langley]

I have multiple DSCR loans and none are from any of those companies you mentioned. I'm a very direct but also analytical person so i be sure to ask all the tough questions up front because i don't like bad surprises. I always ask about processing fees, prime rates, closing schedules, and most certainly requesting a baseline loan estimate. If they can't or won't answer those questions and are unwilling to give you a loan estimate without pulling a credit check, i walk away. I don't have time for games and dislike when loan representatives act like they can't ball park me a loan estimate. As the consumer, we should be well prepared with your personal info(credit scores, dti, taxes, insurance, etc) to get a baseline estimate. It goes both ways.

With that said, i love my DSCR loans outside of slightly higher closing cost. The process is seamless compared to typical government loans. Personally, i always do 30 yr fixed loans, i don't mess with ARM's. I want to know my payment is fixed for the foreseeable future and can adjust accordingly if needed.