BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 2 years ago,
Experience with DSCR Lenders
Does anyone else seem to have the same experience when applying with DCSR Lenders?
Background:
I am currently working with a lender in New Jersey who calls themselves BRRRloans, parent company Orbit Capital. I have to say my experience has been one of the poorest I think I have ever seen in the financial world. We have a fund of 7 figures that we use to purchase properties cash, rehab, rent out, etc; with two partners with super high credit. We qualify for top tier mortgages, and do pass conventional financing tests, as we both have other manufacturing businesses that are adequate for cash flowing these things.
Are there any of these lenders out there that react in a timely fashion, and have halfway decent rates? I am attempting to close two of them at 5.65 with 2 points this week, and it seems like I am pulling teeth to even get a response email. I dont really consider myself too pushy, but today alone I had to text the guy Joel 3 times just to get an answer out of him regarding one of the documents being in error. I understand the rates have gone up, market is the market, but I still did want to just see if anyone else had a positive experience with customer service and found the rates to be fair. Im not the guy shopping for a quarter point all over the place either, just looking for a direct lender partner who actually cares about the customer base a little more then what ive got now. Saying one thing and doing another is a major character flaw for me.
I attached an actual email with a rate quote to closing, and then a copy of the document I just literally had to beg for for closing. Can imagine what a surprise it was, especially after telling me he would eat the points after having to raise the rates because of a mistake that he agreed he made.