All Forum Posts by: Salvador Auciello

I know an investor that can do Manufacture homes with DSCR financing. DM if you need assistance

It's not difficult to lend on low credit borrowers. 

Below 575 FICO you would have to go Hard money and it will be a loan to value of 65% or less.

At 575 there are some investors that can do 30 year fix but at 50% LTV.

The market really tightened up in the last 3 years where they were better options. 

You need to have a 620 FICO to go 70% LTV plus.

Network and find hardmoney lenders that would work with you or find a co broker that will split the deal with you.  DM if you want me to guide you on choices for your borrowers. 

@Samuel Coronado I have ground commercial investors.  Do you have any experience with creating a new park or any other ground up? DM and lets connect. I can point you in the right direction. 

From my experience with brokering hard money for investors they care by far the most can the loan be done.  To consider hard money most have either challenge credit or some challenge where hard money is needed. 

I have seen DSCR rates as low as 6.5% with discount points and actually a credit to borrower for a solid credit and low LTV in NY. However depending on variable factors as DSCR ratio, LTV, FICO, loan amount, Prepayment penalty or not it can range from 6's to high 8's.

Including for unique cases for Foreign National loans.  

When it comes to DSCR loans success can be based on how the Loan is set up. I am an Account Executive for the Lender. Success would be understanding the matrix for the the program and discuss with the broker any guidelines that can cause the loan to decline. Also it will be specific to the region where the loan is going to be done. A good loan will address up front if the loan will debt service or not and have contingencies accordingly. The are always multiple variables such as:

are the gift funds involved

Property type

condition of the property

Is it rural

Title seasoning

Reserves

LTV

What is the estimated DSCR ratio

Citizenship status: Foreign National, ITIN, Citizen, Resident, permanent residence

Does borrower have investor experience or not

Mortgage payment history called a VOM or proof of timely payments

Gift of equity or not

100% gift funds or does borrower have at least 5% down payment and their own reserves

how many acres does the property have?

Property type such as SFR, condo, unwarrantable condo, condotel and so on

And I can go on and on.

Success is set up front for smooth loan. 

Hope this helps... can't tell you how many times I had to save DSCR loans that fell apart some where else.

Hope this helps shed some light in the matter. 

@Todd Fry give me I ring I have a large network of commercial lenders and investors that finance mobile homes.  DM and I will point you in the right direction. 

Hello Bigger Pockets,

If you need Financing I am a direct wholesale lender as well as a broker and have brokered relations in the Entire USA.

If you are borrower need of competitive financing with a wide range of choices please reach out.  If you are a broker and want to offer the best products in the marker reach out to get approved with me so you can funds more loans. I am always available to help structure deals on residential and commercial properties.  Will tell you upfront if I can't help you and at least point you in the right direction. 

Where are you located?

I'm a lender.  I''send you a PM.