All Forum Posts by: Scott Feldman

Hi John,

I have owned the property for over 2 years. My figures show that my dscr is over 1.4 with the loan in place. Steve is correct in saying that the bank considers this a commerical loan.

In any event I have moved onto other banks as this loan officer is not someone I want to establish a relationship with.

Thanks for the repiles. Here is some additional information.

The bank is not a major bank, it is a community bank. I am dealing with the AVP of lending, he denied me a loan on a SFH home that I have as well. In the case of SFH the left cash flow as about 404 a month, I own this SFH with no debt.

The two flat has about $1488 in cash flow with no debt. With a loan of about 150K my dscr should be around 1.4 or so give or take. This exceeds thier criteria of 1.2.

The funny thing is, the loan office presents each loan to a review board. In the case of the SFH home he just told me that the board did not approve the loan no denial letter was ever sent. Nice and conveniat to hide behind the "boards" decesion and not take any personal role in the decesion.

Hello,

Here is my situation. I own a two flat no debt section 8 clients, for the last two years. The bank told me the criteria for the loan is the property it's self not my personal finances.

The preliminary answer from the bank is that the dscr ratio is below 1 and the loan may not be approved. I told the loan officer that this dscr seems wrong and please provide me the back up for your calculations. After several phone calls and emails no response from the loan officer.

Any ideas on how deal with situation?