Originally posted by @James Wise:Yes it must be renewed every two years. 

I was contacted by Steven Klaus supposed to be a broker of Skyrocking Capital Solution and he approved loan for  multifamily purchase with 100% financing @6% and requested to send Origination Fee of 2% before the disbursement.

Sometimes people can be misinformed, thinking these are loosely originated mortgage loans akin to the “NINJA” (no income, no job, and no assets) loans that were common in the early 2000s and helped lead to the last real estate crash.After reading this guide, you should be both well-equipped to know what to expect in the DSCR loan underwriting process and be able to dispel any myths about DSCR loans being a repeat of the poorly documented “no doc” loans of the past.

Originally purchased as worker housing for another business but now use a rental.

So if you are like me, the hair on the back of your neck stands up with that info. 

Payoff amount was higher than original purchase price (after paying 200 per month for 18 months).   

Originally posted by @David Krulac:@Ray Slack  It should go toward lien in a certain order, so if there are other liens it possibly will not be paid off. 

Also what kind of origination fees/points would such a loan incur? 

-the departing and remaining residents will remain liable for all Lease obligations for the rest of the original Lease term.

Try starting with the lender who gave you the original 2nd loan, that’s how i started and then started making calls.