Tag Archive for: DSCR loan

Qualifying for a DSCR Loan

Categories: ,

Qualifying for a DSCR loan can feel a bit different from qualifying for a traditional loan. This is due to the fact that a DSCR loan is based on the properties ability to pay for itself as opposed to being based on your income. Today we are going to walk through a quick guide to qualifying for a DSCR loan in order to help you to see whether or not your property qualifies. 

First: Understand the role of the property income: 

The property’s income must cover the mortgage payment, property taxes, insurance, HOA fees and other costs.

Second: Use the DSCR calculator:

The Cash Flow Company offers a free DSCR calculator tool that can see if a property qualifies.

Third: Adjust LTV Ratios if needed:

If your DSCR is below 1, consider adjusting your LTV. Dropping to 75% or even 70% can make a big difference.

Fourth: Use realistic rent numbers:

It is important that you use accurate rent numbers. An appraiser will check the rent for the neighborhood, so you need to be realistic with your calculations.

Fifth: Consider interest rates and how they affect DSCR:

Interest rates impact DSCR. If rates go up, your DSCR might drop below 1, meaning that the property may no longer qualify. 

Finally: Make sure it’s a good investment:

Once you have a DSCR above 1, double check that the property will either make money or cost you monthly. 

Contact Us Today! 

Is a DSCR loan right for you? Contact us today to find out more about DSCR loans!

Free Tools For You! 

We also have free tools available! Download the DSCR Quick Calculator today to see if a DSCR loan is the best option for your investment properties! 

Learn more!

Visit our YouTube channel to learn more about real estate investing and how you can get on the fast track to success! 

 

by

A Step-by-Step Guide to Qualifying for a DSCR Loan

Categories:

Getting a DSCR loan can feel a bit different from qualifying for a traditional loan. Instead of looking at your income, lenders focus on the property’s ability to pay for itself. Today we are going to walk through a Step-by-Step Guide to Qualifying for a DSCR Loan. This will help you check if a property qualifies. From understanding property income requirements to using a free DSCR calculator, this guide will walk you through each step to make sure you’re ready to get approved.

What Is a DSCR Loan?

A DSCR (Debt Service Coverage Ratio) loan is a little different from traditional loans. It focuses on the income of the property, not your personal income. In short, it’s all about whether the property can cover its own expenses.

Step 1: Understand the Role of Property Income

For a DSCR loan, lenders look at the property’s income compared to its expenses. This includes the mortgage payment, property taxes, insurance, HOA fees, and other costs. Here’s the key: if the property’s income can cover these expenses, it may qualify.

For example, let’s say your property earns $1,800 in rent each month. You’ll want to compare this income against the costs. If the income covers these costs, you’re on the right track.

Step 2: Use the DSCR Calculator

The Cash Flow Company offers a free DSCR calculator tool that can help you see if a property qualifies. With this tool, you can run through real scenarios. Let’s walk through an example:

  • Property Value: $300,000
  • Loan Amount: $240,000 (80% LTV)
  • Interest Rate: 6.5%
  • Monthly Taxes and Insurance: $450
  • Monthly Rent: $1,800

When you plug in these numbers, you’ll see if the property’s DSCR is over 1, which is the qualifying ratio most lenders look for. If not, don’t worry! You can adjust the numbers.

Step 3: Adjust Loan-to-Value (LTV) Ratios if Needed

If your DSCR is below 1, consider adjusting your LTV. In our example, at 80% LTV, the property didn’t qualify because the DSCR was below 1. Dropping to 75% or even 70% might make a difference.

When we lowered the LTV to 75%, the loan amount went down to $225,000. At this point, the DSCR is close to or above 1, showing the property could now qualify.

Step 4: Use Realistic Rent Numbers

Be sure to use accurate rent numbers. An appraiser will check the rent for the neighborhood, so you can’t estimate higher rents than what’s realistic. Use a conservative approach to avoid surprises during the underwriting process.

Step 5: Consider Interest Rates and How They Affect DSCR

Interest rates impact DSCR. If rates go up, your DSCR might drop below 1, meaning the property may not qualify. Some lenders may allow a lower DSCR but at a higher interest rate, which affects profitability.

Final Check: Make Sure It’s a Good Investment

Once you have a DSCR above 1, check if the property will make money or cost you monthly. You want a DSCR loan to boost your investment, not drain it. Use the DSCR calculator tool to run numbers for every property.

Get the Free DSCR Calculator

Head to The Cash Flow Company website and download the free DSCR calculator. This tool is your first step to understanding if a property qualifies before reaching out to lenders.

Need Help?

Knowing whether your property qualifies for a DSCR loan can save you time and effort. Try the DSCR calculator on each potential investment to see if it’s likely to generate positive cash flow. If you have any questions or need guidance on how to use the calculator, reach out to us! With the right prep, you’ll know if your property is set to make you money or if it’s better to pass.

Watch our most recent video to find out more about: A Step-by-Step Guide to Qualifying for a DSCR Loan

by

DSCR Loan: Will My Property Qualify for a DSCR Loan?

Categories:

Many investors ask “will my property qualify for a DSCR loan?” The answer depends on the income your property brings in, not on your personal finances. DSCR loans are unique because they focus solely on the property’s ability to pay for itself through rental income. Let’s dive into what makes a property eligible and how you can check if yours qualifies.

What Determines DSCR Loan Qualification?

DSCR (Debt Service Coverage Ratio) loans are all about the income and expenses tied to the property itself. Unlike traditional loans, DSCR loans don’t look at your personal income. Here are the main factors to keep in mind:

  • Property Income Over Personal Income


    DSCR loans focus entirely on whether your property can cover its own costs. That means expenses like the mortgage payment, property taxes, insurance, and any HOA fees all need to balance out with rental income. If the property can cover these costs, it’s more likely to qualify for a DSCR loan.

  • Key Metric: DSCR Ratio


    To see if your property qualifies, you need to know its DSCR ratio. This ratio measures how well the property’s rental income covers the debt payments. A DSCR ratio of at least 1.0 means the property breaks even, while a higher ratio indicates better cash flow.

Example: Testing Property Qualification with the DSCR Calculator

Let’s go through an example to see if a property qualifies for a DSCR loan. You can use a free DSCR calculator (available at The Cash Flow Company’s website) to follow along with your own numbers.

  1. Input Property DataSuppose you’re looking at a property worth $300,000 and want an 80% loan-to-value (LTV). This would give you a loan amount of $240,000. Now, enter some other property costs:
    • Interest rate: 6.5%
    • Monthly property taxes: $250
    • Monthly insurance: $200
    • Monthly rental income: $1,800
  2. Check Loan ScenariosUse the DSCR calculator to see how different loan options affect qualification:
    • Interest-Only Loan
      In this example, the property qualifies with an interest-only loan since the DSCR ratio is above 1.0. This means rental income can cover the interest payments.
    • 30-Year Amortized Loan
      Here, the DSCR ratio falls below 1.0, meaning rental income doesn’t fully cover the 30-year loan payments.
    • 40-Year Amortized Loan
      Similar to the 30-year, the DSCR ratio is still below 1.0, so the property doesn’t qualify under this setup either.
  3. Adjust and TestIf your first scenario doesn’t qualify, try adjusting the loan-to-value (LTV) ratio. For example:
    • 75% LTV reduces the loan amount to $225,000, but the DSCR ratio may still be under 1.0.
    • 70% LTV brings the DSCR to exactly 1.0. This shows that lowering the loan amount can improve your chances of qualifying.

Understanding the DSCR Ratio and Loan Requirements

When it comes to DSCR loans, lenders usually look for a DSCR ratio of at least 1.0 to 1.1. While a 1.0 ratio is enough for many, aiming for 1.1 or higher gives you a better shot at qualifying and may offer better terms.

  • If DSCR Falls Below 1.0
    If your property’s DSCR ratio is below 1.0, it might not qualify, or it may require a higher interest rate to offset the risk. This affects profitability, so it’s crucial to find a balance where your DSCR ratio meets lender requirements and still provides a good return.

Using the Free DSCR Calculator to Qualify Your Property

You don’t need to guess if your property will qualify. Download the free DSCR calculator from The Cash Flow Company and test your property’s numbers before applying. By adjusting factors like the loan-to-value ratio, you can see where the property stands and avoid surprises.

Conclusion

Knowing whether your property qualifies for a DSCR loan can save you time and effort. Try the DSCR calculator on each potential investment to see if it’s likely to generate positive cash flow. If you have any questions or need guidance on how to use the calculator, reach out to us! With the right prep, you’ll know if your property is set to make you money or if it’s better to pass.

Watch our most recent video to see more about: DSCR Loan: Will My Property Qualify for a DSCR Loan?

by

What Is a DSCR Loan, and Why Does It Matter for Investors?

Categories: ,

If you’re a real estate investor, you may have heard about a DSCR loan. What is a DSCR loan? It stands for “Debt Service Coverage Ratio,” and it’s a type of loan that focuses on the income of the property, not your personal income. Why does this matter? Because it can make financing easier for investors who may not have a high personal income, or investors who use tax strategies that reduce their taxable income.

Imagine you have a rental property ready to go. With a DSCR loan, the lender looks at the income this property will bring in to cover the loan payments. If the income covers your costs, you could qualify! This setup is great for newer investors or for those who want to scale up without diving into personal financials.

Contact Us Today! 

Is a DSCR loan right for you? Contact us today to find out more about DSCR loans!

Free Tools For You! 

We also have free tools available! Download the DSCR Quick Calculator to see if it’s the best option for your investment properties! 

Learn more!

Visit our YouTube channel to learn more about real estate investing and how you can get on the fast track to success! 

 

by

DSCR Loan: Fund Your Rental Investments NOW

Categories:

Are you ready to grow your rental property investments faster? DSCR loans might be your best friend. They offer unique advantages over traditional loans, making them a great choice for both new and experienced investors. Today we are going to discuss why you should use a DSCR loan to fund your rental investments now! Let’s take a closer look!

1. No Tax Returns Needed

One of the biggest benefits of a DSCR loan is that you don’t need to provide personal or business tax returns. Many traditional lenders require years of tax history before approving your loan. But with DSCR loans, you can skip this step!

Imagine you’ve just started your business, or maybe you’ve recently moved to a new city. DSCR loans still work for you! They focus on the property’s income, not your personal tax history. This means you can get started without worrying about what’s on last year’s tax return.

Example: If you moved from Austin to Denver and started a new job, traditional loans might say “No way!” But a DSCR loan says, “Let’s look at the property itself.”

2. No Lengthy Business History Required

With traditional loans, banks often require you to have a long business history, sometimes in the same line of work. This can be a big hurdle if you’ve recently switched from a W2 job to self-employment or moved to a different location.

DSCR loans don’t have those limitations. Whether you’ve just transitioned from a regular job to being your own boss, or moved to a different city, a DSCR loan will still consider your application based on the property’s income, not your business history.

Example: If you’ve gone from being a W2 employee to a freelancer in a new city, traditional loans might turn you down. But with a DSCR loan, all that matters is if the property itself is making money.

3. Start Building Wealth Now!

Why wait two or three years to build your rental property portfolio? DSCR loans allow you to start now. Traditional loans often make you wait to prove your income over several years, which can slow down your investment growth.

DSCR loans only look at whether the property you’re buying is generating enough rental income to cover the mortgage. This means you can start growing your wealth immediately without waiting for tax returns or a lengthy business history.

Example: You want to invest in a rental property today, but traditional loans tell you to wait two years. With a DSCR loan, you can jump in now if the property’s income breaks even or cash flows.

DSCR Loans: Focus on the Property

Remember, DSCR loans are only for rental properties. They aren’t suitable for fix-and-flip projects. The key is that the property itself needs to break even or make a profit from the rent to qualify.

To check if your rental property is a good fit for a DSCR loan, try our DSCR calculator at The Cash Flow Company. It’ll help you run the numbers based on rents, mortgage payments, taxes, and insurance.

Get Started with DSCR Loans Today!

If you’re looking to grow your rental property portfolio without waiting years, a DSCR loan might be the perfect fit. Focus on the property’s income, skip the tax return hassle, and start building your wealth faster!

Do you have questions? Contact us today!

Watch our most recent video to find out more about: “DSCR Loan: Fund Your Rental Investments NOW”

 

by

The First Step to Closing a DSCR Loan

Categories:

Closing a DSCR loan can seem tricky, but it doesn’t have to be. Let’s break it down by looking at the first step to closing a DSCR loan. Before diving into the property details, you need to do is make sure you are ready for the DSCR loan. This step is all about reviewing a few personal factors to ensure a smooth approval process.

Credit Score

Your credit score plays a significant role in determining your loan terms. Most lenders want to see a score of 740 or above to offer the best rates. However, there are still options if your score is lower, even as low as 600. Just keep in mind, the lower your score, the more you may need to bring to the table in terms of down payment.

For example, a credit score in the 600 range, may be require a larger down payment or higher interest rates. This can impact the cash flow in the long run, therefore it’s essential to check your credit early to know what you’re working with.

Experience Level

Though experience as a landlord is not always required, it can help. If you’ve owned rental properties before, that’s a bonus! But don’t worry if you’re a first-timer. You can still qualify for a DSCR loan. If you’re new to real estate investing, you might need to hire a property manager to help manage the property once the deal closes. This shows the lender you’re serious about maintaining the property.

Where’s the Money?

Next, the lender will want to know where your down payment, closing costs, and reserves are coming from. It’s important to have this money lined up and ready. Lenders want these funds available to show proof of your savings or any assets you plan to use.

In conclusion 

By focusing on getting yourself approved first, you set the foundation for a smooth DSCR loan process. When you’re ready with a solid credit score, a clear plan for managing the property, and your funds in place, you’re well on your way to securing the loan and moving closer to your investment goals.

Watch our most recent video to find out more about : The first step to closing a DSCR loan.

by

DSCR Loan: 40 Year vs 30 Year Loan

Categories:

Are you trying to figure out which loan term is the best fit for your real estate investment? Let’s dive into the differences between a 40-year vs 30-year DSCR (Debt Service Coverage Ratio) loan and see how each can affect your cash flow and ability to qualify for more deals.

What’s the Difference Between a 40-Year and a 30-Year Loan?

30-Year Loan
The traditional 30-year mortgage is a common option for real estate investors. It allows you to spread your payments over 30 years, keeping monthly payments lower than shorter-term loans. You’ll still pay off some principal each month, which helps you build equity.

40-Year Loan
A 40-year DSCR loan stretches out the loan term even more. This lowers your monthly payments even further. This extra decade can make a big difference in your ability to qualify for a loan, especially if your rental income is close to the debt service.

Lower Payments = Better Cash Flow

One of the biggest advantages of a 40-year DSCR loan is the lower monthly payment. This is perfect for investors focused on improving cash flow. In today’s market, where rents might not always cover all expenses, having a lower monthly mortgage payment can be a game-changer.

Here’s an example:

  • 30-Year Loan: A $250,000 loan at 6.65% interest results in monthly payments of $1,596.
  • 40-Year Loan: A $250,000 loan at 6.9% interest results in monthly payments of $1,535.

While the interest rate is slightly higher on the 40-year loan, your monthly payment is lower. This extra cushion can help improve your DSCR ratio, making it easier to qualify for more properties.

Example: Does a 40-Year Loan Help You Qualify?

Let’s look at a real-world scenario. Say you have a property where the rent is $2,000 a month, and you’re looking at a loan of $250,000.

For a 30-year loan, your monthly payment of $1,596 plus taxes and insurance might leave you with around $246 for other expenses. This might not qualify for the best DSCR terms.

But with a 40-year loan, your payment drops to $1,535. Now, with taxes and insurance included, you’ve got a bit more breathing room to meet the DSCR ratio requirements and qualify for the loan.

Which Loan Is Best for You?

It comes down to your goals. If you want to pay off the loan faster and build equity quicker, the 30-year loan is a solid choice. But, if your main focus is qualifying for more properties or increasing cash flow, the 40-year loan might be a better fit.

Prepayment Penalties – What You Should Know

DSCR loans often come with prepayment penalties, meaning you can’t pay off the loan early without a fee. But, there are options to avoid these penalties:

  • Zero Prepay: No prepayment penalty but a higher interest rate (about 1% higher).
  • One-Year Prepay: A middle-ground option with a lower prepayment penalty.

Both options give you more flexibility if you expect to refinance soon as interest rates change.

Conclusion: What’s the Best Loan for You?

Choosing between a 40-year and a 30-year DSCR loan depends on your cash flow needs and your long-term strategy. If you want to maximize your cash flow and qualify for more deals, the 40-year loan could be the better option. On the other hand, if building equity faster is your goal, the 30-year loan will work for you.

If you have questions about how these loans fit into your investment strategy, feel free to leave a comment or visit our site, The Cash Flow Company, for more resources, like our DSCR calculator.

Watch our most recent video to find out more about: DSCR Loan: 40 Year vs 30 Year Loan

by

What It Takes to Qualify for a DSCR Loan?

Categories:

What It Takes to Qualify for a DSCR Loan?

Are you a real estate investor looking for a flexible and straightforward loan option? If so, you might want to consider a DSCR loan. Not only is it one of the easiest loans to qualify for, but it also doesn’t require personal income documentation. In other words, your personal financial situation won’t hold you back. Instead, the focus is on the property’s ability to generate income. Today we are going to discuss what it takes to qualify for a DSCR loan. Let’s get started! 

Understanding DSCR Loans

A DSCR loan, or Debt Service Coverage Ratio loan, is a fantastic tool for real estate investors. It’s often called the “no personal income loan” because it doesn’t require personal income documentation. Instead, it focuses on the income that is generated by the property.

Why Choose a DSCR Loan?

DSCR loans are perfect for investors who:

  • Are just starting out
  • Have written off their income
  • Want a fast and flexible loan process

How to Qualify for a DSCR Loan

Step 1: Property Income

To qualify, the property must generate enough income to cover its expenses. These expenses include:

  • Mortgage payments
  • Taxes
  • Insurance
  • Homeowners Association (HOA) fees
  • Flood insurance

For example, if your property earns $2,000 in rent and your expenses are $1,800, you’re good to go. The property’s income should at least break even with its expenses.

Step 2: Rental-Ready Properties

DSCR loans are only for rental-ready properties. This means the property must be ready to rent out right now. Fix and flips or properties needing major repairs don’t qualify.

For instance, if your property has a working kitchen, bathroom, and roof, it’s likely rental-ready. But if it needs a lot of work, consider other loan types.

Step 3: Business Loan Structure

DSCR loans are business loans, so they must be made to a business entity like an LLC or corporation. This means:

  • The loan won’t show up on your personal credit report
  • Your personal credit score still matters
  • Loan-to-value ratios (LTVs) are important

Benefits of DSCR Loans

  1. No Personal Income Documentation: You don’t need to show personal income, which makes it easier for those who write off their income.
  2. Fast Processing: Without the need for tax returns or income verification, the loan process is quicker.
  3. Better Rates: DSCR loan rates can be more favorable than conventional loans, especially now.

Tools to Help You

Here at The Cash Flow Company, we offer a free DSCR calculator. This tool helps you figure out if a property will cash flow before applying for a DSCR loan. Just enter the numbers, and the calculator does the rest. It compares your rental income to your expenses to see if you break even.

Flexibility and Options

Even if your property doesn’t cash flow right away, there are options available. Sometimes, you might get a lower LTV, but it’s worth it if you believe the property value will increase.

Conclusion

DSCR loans are a powerful tool for real estate investors. They offer flexibility, faster processing, and often better rates. Whether you’re starting out or have been in the game for a while, DSCR loans can help you grow your portfolio. Check out our DSCR calculator today to see if your property qualifies!

If you’re interested in learning more, visit The Cash Flow Company’s website! Start taking advantage of DSCR loans today!

Watch our most recent video to find out more about: What It Takes to Qualify for a DSCR Loan

by

Why You Need DSCR Loans In Today’s Real Estate Market

Categories:

Why You Need DSCR Loans In Today’s Real Estate Market

In today’s ever-changing real estate market, finding the right financing option is crucial for investors. That’s why DSCR loans, also known as Debt Service Coverage Ratio loans, are gaining popularity. Not only do they simplify the loan process, but they also focus on the income generated by the property itself. Consequently, investors can bypass the need for personal income documentation. Let’s dive into why DSCR loans are essential for modern real estate investors and how they can help you grow your portfolio.

What is a DSCR Loan?

A DSCR loan stands for Debt Service Coverage Ratio loan. It’s a unique type of loan designed for real estate investors who have rental properties. The best part? You don’t need to show personal or business income documentation. Instead, this loan focuses on the income from the property itself.

How Does a DSCR Loan Work?

DSCR loans are straightforward. They look at the property’s cash flow. In other words, they check if the rental income covers the property’s bills. These bills include the mortgage, taxes, insurance, HOA fees, and flood insurance. If the property can pay its way, you’re good to go!

Why DSCR Loans Are Perfect for Investors

No Personal Income Needed

Unlike other loans, DSCR loans don’t care about your job or tax returns. This is a great product if you’re new to investing or if you write off a lot of your income. For instance, if you just started your business or don’t have a steady job, it doesn’t matter. The property’s income is what counts.

Quick Approval Process

Since there’s no need for income verification, DSCR loans speed up the approval process. This means you can act fast when you find the perfect property.

Focused on Rental Properties

DSCR loans are made for rental-ready properties. This means the property should be ready for tenants to move in. To clarify, it’s not for fix-and-flip projects that need significant work. For example, if the property needs a new roof or a complete kitchen makeover, a DSCR loan isn’t the right fit. But, if it’s ready to rent, you’re in luck!

How to Qualify for a DSCR Loan

Step 1: Property Income

The property must generate enough income to cover its expenses. This is the most critical factor.

Step 2: Loan-to-Value Ratio (LTV)

Lenders look at how much you’re borrowing compared to the property’s value. The lower the LTV, the better your chances.

Step 3: Personal Credit Score

Even though your income doesn’t matter, your credit score does. A good credit score helps in getting favorable loan terms.

Benefits of DSCR Loans Over Conventional Loans

Right now, DSCR loans are often cheaper than conventional loans. Also, they also don’t appear on your personal credit report. This can be a big advantage if you own multiple rental properties. Conventional loans on the other hand can show up on your credit report and affect your credit score.

DSCR Loans and Business Structure

To clarify, DSCR loans are business loans. This means you need to have an LLC or a corporation established prior to applying. The loan is made out to your business, not to you personally. Therefore, it doesn’t show up on your credit report, and in turn keeps your personal credit clean.

Tools to Help You

Here at The Cash Flow Company, we offer a free DSCR calculator. This tool helps you figure out if a property will cash flow before applying for a DSCR loan. Just enter the numbers, and the calculator does the rest. It compares your rental income to your expenses to see if you break even.

Flexibility and Options

Even if your property doesn’t cash flow right away, there are options available. Sometimes, you might get a lower LTV, but it’s worth it if you believe the property value will increase.

Conclusion

DSCR loans are an excellent tool for real estate investors. They offer flexibility, quick approval, and most importantly they don’t require personal income documentation. Whether you’re starting out or have been in the game for a while, DSCR loans can help you build your real estate portfolio.

If you’re interested in learning more, visit The Cash Flow Company’s website! Start taking advantage of DSCR loans today!

Watch our most recent video to find out more about:Why You Need DSCR Loans In Today’s Real Estate Market

by

No Income: Your Best Investment Loan Option

Categories:

No Income: Your Best Investment Loan Option

Today we are going to discuss what your best investment loan option is if you do not have any income! That’s right! There are loan options available to you even if you don’t have a job, just changed jobs, or write everything off on your taxes. What is available to you and how do you get started? Let’s take a closer look!

Your best loan option!

One of the most versatile loan options available for investors is a DSCR loan. A DSCR loan is only available to investors and stands for the debt service coverage ratio. How do you qualify? As long as your rental property will cover the debt, you will be able to qualify for a DSCR loan. Unlike traditional loans, a DSCR loan will not take into consideration when you started your job or how long you’ve been self-employed. Instead, the lender’s primary focus is whether or not the income from the property qualifies for the loan.

Breaking even.

The debt service coverage ratio is what a DSCR loan is based off of and is where your property breaks even. While every property has a different break even point, this is the value that lenders will be looking at to determine whether or not the property qualifies for a DSCR loan. 

Expenses: Expenses include: The mortgage payment (including interest), taxes, insurance, flood, and HOA. 

Income: The rent received from the property.

For example:

If your rent is $1,000, then your expenses need to be $1,000 or less in order to qualify for a DSCR loan. The best scenario would be if your rents were $1,500 and the expenses were $1,000. This would create a $500 cash flow for the property.

Contact us today!

Don’t miss out on this best kept real estate secret! Find the best product today that not only provides ultimate flexibility but meets all of your investment needs as well. Here at The Cash Flow Company we are happy to run through the numbers with you to see what product is best for you. Contact us today to find out more about how you can qualify!

Watch our most recent video: How Can I Qualify for a Loan for My Real Estate Investments? 

by