All Forum Posts by: Zach Edelman

How is this hostel zoned?

Is there no chance of you having a co-partner/co-sponsor on the loan? We need a 640 for cash-out refinances, but if we get this, can absolutely help you out!

When did you purchase the property?

With a DSCR loan you can do a cash-out refinance off the appraised value with as little as three months seasoning!

A DSCR refinance would close out the second HELOC if it's recorded on the property as it would show up on the title commitment. Most, if not all DSCR lenders require first and sole lien position with their refinances. 

Do you have experience with luxury properties? If so, I don't see why you wouldn't get approved. 

Yes. Some go to 15%!

What loan amount are you seeking/do you need?

80/20 might be tough, but I think you can definitely achieve 75%. Worst case you can have your loan be "Partial Interest Only" which means the first 10 yrs of the loan are interest only, and the following 20 are fully amortizing. The lender should be able to go off the interest only payments for their DSCR calculation, and what this allows for is a higher DSCR, and as a result, higher/more allowed LTV. Hope this helps/makes sense!

A DSCR loan sounds like a great option for you based on the fact that you already own five properties which I presume have conventional mortgages on them, based on your post.