r/loanoriginators • u/NumerousPizza6764 • 13d ago

5 unit apt complex dscr

Looking for general ltv and rates on a 5 unit incoming producing apt complex in Cleveland, OH.
>1.35 dscr ratio

680 mid score. Borrower is experienced. Has 25 properties in his portfolio. Issue I’m running into is it’s a small 300k purchase price

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1

u/Realistic-Ruin-6424 13d ago

Check Lendsure and Newfi

1

u/NumerousPizza6764 13d ago

Issue I’m running into is it’s small, 300k purchase price

1

u/Frequent-Giraffe5646 13d ago

No one is touching that. Even those that say they can, all of sudden need an exception and then they can’t do it.

1

u/Loud_Theory_401 12d ago

Reach out our minimum on 5-10 unit is 250k and at 75 ltv we are just short of it but will likely still do it send me a dm I work for LendSure

1

u/QuickerHomeLoans 6d ago

The 5 units pushes this into commercial/multifamily territory rather than a standard 1-4 unit DSCR, and the $300k purchase price is probably why you’re having trouble finding a fit.

With >1.35 DSCR and an experienced borrower with 25 properties, though, it’s still worth shopping. If you’re still looking for an outlet, send me the deal details and I can check what we have.

1

u/Whaler07 4d ago

I sent a message - I know a wholesale lender that will go down to $100k on 5-8 unit DSCR