Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Bridgett J Bell

Bridgett J Bell has started 1 posts and replied 7 times.

My DSCR experience is with pulling out equity after we've bought properties for cash and leased them. I love this loan because of how easy the paperwork process is.

The batchgeo recommendation is a game changer. Thanks for sharing. 

Quote from @Erik Estrada:

I have worked with Kiavi as a broker. They are great in terms of quick turning times. 


 Do you still recommend Kiavi? I'm stuck at all of the negative reviews but I like the online process. 

Quote from @Erik Estrada:
Quote from @Erik Estrada:
Quote from @Bridgett J Bell:

Hi

I applied for a DSCR loan to cash out on a free and clear 4plex held in an LLC but the loan officer is asking for my personal bank statements, personal home mortgage statements. I don't understand why I need to submit these personal documents. My FICO is 812 and LLC has enough cash reserves and rent to service the loan. Should I submit the personal documents or find another mortgage company?

Typically DSCR lenders ask for a bank statement showing proof of funds for closing costs. As for the personal home mortgage statements I would imagine they would like to see how much you owe on your property.


 But I am not clear as to what you mean by personal home mortgage statements in this situation. If you are not living in this 4-plex then It wouldn't make sense to see your mortgage statements on your primary. 


My exact thought. The property owned by the LLC is paid off and I'm borrowing less than 50% of the value. I went ahead and submitted my personal mortgage statements and personal bank accounts although the LLC has enough cash.

Quote from @Nick Velez:

@Bridgett J Bell

Lenders need to know that you are on time with your mortgages hence why they ask for mortgage statements. While it is in an LLC, you still are guaranteeing the note so your credit worthiness is important.

As far as personal bank statement's, the cash out proceeds should be sufficient for reserves so I am not sure why they are asking for personal statements, unless rent receipt is deposited into your personal accounts. 

The rents are deposited into the LLC bank account.

Hi

I applied for a DSCR loan to cash out on a free and clear 4plex held in an LLC but the loan officer is asking for my personal bank statements, personal home mortgage statements. I don't understand why I need to submit these personal documents. My FICO is 812 and LLC has enough cash reserves and rent to service the loan. Should I submit the personal documents or find another mortgage company?

What is the outcome for this property? I'm facing a rezoning issue now.