All Forum Posts by: Timothy Hero

I have lenders that'll allow you to add someone for credit benefit. The loan won't be reported on credit and it's a soft credit pull.

Definitely horrible fees, but here's the reality: of all the lenders I broker DSCR with, none will go under a loan amount of $75k.

From a business perspective, there's no money made on those loans. It takes the same time to underwrite and work the file, but won't yield anywhere near the profit for them of a $300k loan. So they need to charge the points up front.

What's wild to me is to pay 4% origination and still be at a 7.6% rate, lol.

Biggest difference between conventional and DSCR:

Conventional is going to win on prepay. DSCR will allow no prepay, but the rate goes up a decent amount.

I've brokered over 330 DSCR lenders, and every now and then a lender will advertise 85% LTV. The kicker? The rate goes up 50, to sometimes 100 bps.

You're financing more LTV and at a much higher rates. DSCR loans of course are based on cash flow for approval, and I've yet to see a deal cash flow at 85% terms.

I've brokered over 330 DSCR lenders, and every now and then a lender will advertise 85% LTV. The kicker? The rate goes up 50, to sometimes 100 bps.

You're financing more LTV and at a much higher rates. DSCR loans of course are based on cash flow for approval, and I've yet to see a deal cash flow at 85% terms.

I can't say much on MHP, since I don't know much about them. I know DSCR lenders typically don't touch them.

I've never seen 90% in 7 years of real estate, let alone in a market where the treasuries are at 20-year highs.

I've brokered over 325 DSCR loans. I can help with the refinance to pull equity out, but no the purchase, as 99% of the industry won't finance mobile homes.