All Forum Posts by: Brenna Hoberg

Hi Stacy - if you ever want to pass a referral for Minnesota I can do DSCR and non-warrantable condos!

Hey everyone! New to BP, but not to lending. Helped several investors in MN & WI purchase investment properties with non-traditional financing! We offer DSCR, P&L Income and asset only loans along with conventional financing. 1 in every 7 transactions is an investment purchase, yours could be next.

We could be at 7.5% or we could be at 9.5% for the same borrower on different properties! It's hard to truly quote what the "rate today" is for DSCR for us without the scenario. For example, on top of down payment & credit score, you also need to factor in the actual DSCR percentage and if there is a prepayment penalty or not. We can lend with a loss on the rents, but your rate will be higher!

Happy to go through your specifics with you if you’d like. 😊

Hey Zach! 

Utalizing a HELOC (Line of Credit) may be your best bet for your next property. You could use your line of credit to fund the down payment and closing costs on your next purchase. If you have an LLC in place, you can also write off the interest paid on your HELOC when using it to purchase another property for the LLC. So that is a nice bonus.

DSCR loan options will qualify you based on the market rent for the property - this can be helpful if you can support projected rent above the mortgage payment. It will depend a bit on comps, similar to an appraisal.

There are other non-QM loan options for self-employed individuals that can use your bank statements (biz) to show cash flow versus, tax returns for income. Or depending on your total assets, including invested, qualify you on assets and credit alone. This typically requires 125% of the mortgage debts in available assets. 

I am a lender and happy to answer any questions you may have!