Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.
Thank you, everyone. Also, do you foresee the short term rental market to slow down in the near future due to the economy? One loan officer I was talking to said that lenders right now are hesitant to loan money for STRs. We are really more interested in STRs but are now rethinking if we should do long term rental instead.
Sounds like you need to talk with another loan officer that knows STR! They're not slowing down but it's no longer a leave and forget strategy with Ikea or garage sale furniture anymore. Check out The Lender or Host Financial for DSCR loans and lenders that know the STR markets.
Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.
Jillian
Never heard of them.
I would get their terms and compare against other lenders.
Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.
Jillian
I recently used them for a cash-out refi with a DSCR loan. They were easy to work with. If you have a more specific question, please let me know.
Thank you, everyone. Also, do you foresee the short term rental market to slow down in the near future due to the economy? One loan officer I was talking to said that lenders right now are hesitant to loan money for STRs. We are really more interested in STRs but are now rethinking if we should do long term rental instead.
Thank you, everyone. Also, do you foresee the short term rental market to slow down in the near future due to the economy? One loan officer I was talking to said that lenders right now are hesitant to loan money for STRs. We are really more interested in STRs but are now rethinking if we should do long term rental instead.
Sounds like you need to talk with another loan officer that knows STR! They're not slowing down but it's no longer a leave and forget strategy with Ikea or garage sale furniture anymore. Check out The Lender or Host Financial for DSCR loans and lenders that know the STR markets.
Developer · GA · Member since 2019 · 74 posts · 42 votes
3y
BoE was actually really good with my recent STR refi. Their projected revenue was higher than my own analysis and their required ratio is 1.00. The lender on my other DSCR for a STR required a 1.25 ratio.
Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.
Jillian
I would not recommend them @Jillian Cullinane! They are on the decline and fighting to survive. Their corporate offices are in Arkansas and they are struggling. They may be bought or merged with another company in the next 6-9 months like many IMB lenders and regional/local banks/CUs who are struggling right now.
Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.
Jillian
I would not recommend them @Jillian Cullinane! They are on the decline and fighting to survive. Their corporate offices are in Arkansas and they are struggling. They may be bought or merged with another company in the next 6-9 months like many IMB lenders and regional/local banks/CUs who are struggling right now.
Thanks, Grant. Do you know any lenders in FL for DSCR loans?
Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.
Jillian
Most Condo DSCR lenders that I know of will be at 25% down. Also, how is Bank of England underwriting the rental income of the DSCR loan? Air DNA projections? On STRs, for DSCR loans, it's important to ask all of the essential questions, starting with how the lender is qualifying the rental income.