What Documents Do I Need for a DSCR Loan?


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What Documents Do I Need for a DSCR Loan?

Today we are going to discuss what documents are needed for a DSCR loan. DSCR has really been taking off in the last 6 months! As rates continue to come back down and properties start to cash flow again, many investors are coming back to DSCR. It is an excellent product for real estate investors to use for their next property! 

What kind of documents do you need when you are applying for a DSCR loan?

If you are doing a refinance, you will need:

  1. Lease agreement – What are you leasing?
  2. Business setup – What is the operating agreement and who runs the company?
  3. Reserves – You need a couple months of bank statements that show 2-3 months of reserves.
  4. Taxes – Needed for DSCR ratio.
  5. Insurance: Needed for DSCR ratio.
  6. HOA – Needed for DSCR ratio.
  7. Flood – Needed for DSCR ratio.
  8. Title 
  9. Appraisal – An appraisal will show the value of the property.

Once you have the appraisal and everything you need for the DSCR, it normally takes 2 to 3 weeks before everything is finalized.

There is something for everyone!

DSCR loans have become more mainstream and there are a lot of options available to fit your investment needs. It is important to have all of your documents ready to go before starting the DSCR loan process to get everything finalized quickly. Whether you have a commercial, 5 unit, or a rural property, DSCR can open the door to endless opportunities! Do you have a unique rental property and are looking for more lending options? If so, contact us today to find out more about DSCR loans and how you can get under the DSCR umbrella! 

To find out more about DSCR loans and calculate your DSCR ratio contact us today!

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