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Vacation Rental Loans

DSCR Loans

DSCR loans are commercial loans but they are for residential investment property. Your personal finances do not play a large role in the loan qualification process.
DSCR loans considers property revenue compared to expected expenses such as principle, interest, taxes & insurance (PITI).
There's always a prepayment penalty within the first 3 to 5 years, so if you want to refinance soon these loans can can be a bad option for you.
There is a prepayment penalty because these mortgages are sold to bond investors.

How is a DSCR loan calculated?
Gross rent(income) divided by (PITI + HOA fees).

A ratio over 1 means the property is expected to cover all of its expenses.
Low ratios equal higher principle on your loan.
Some lenders will lend on ratios as low as .75
These are non-qualified mortgages (non -QM).

The higher the ratio the lower the risk to the lender.
High credit scores matter so your down payment and great credit score will allow your lender to go below 1.0
Blanket loans are portfolio loans.
Mostly 10 year balloon payments (loan payoffs) are expected, sometimes 30 years.
Smaller portfolio's can get longer terms.

Contact me for a list of amazing STR lenders!

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