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Louisiana DSCR Loan Interest Rates
According to the loan documents software company, Lightning Docs, the average interest rate for Louisiana DSCR long-term rental loans in the 4th quarter of 2023 was 8.93%. The average loan amount was $184,411. These stats are the average of 41 loans funded for residential rental properties in Louisiana between October 1, 2023 and December 31, 2023 by multiple lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
Funded DSCR Long Term Rental Loans in Louisiana
I Fund Cities, a direct private lender for real estate investors, funded a $175,000 long-term rental loan for a single family residence in Covington, LA, a suburban area north of New Orleans. It was a refinance loan with a fixed rate for a 30-year term. The loan-to-value was 65%. Erik, one of our expert and knowledgeable loan officers, was speaking on a Zoom Webinar education group about the i Fund Cities loan products. One of the meeting attendees had gone the traditional banking route for his property refinance, but he was unhappy about the level of communication he had received throughout his loan process. The borrower remembered Erik from the webinar and reached out to him. “The borrower was just looking for someone who would be upfront with him,” explains Erik. “The key to winning this deal was being upfront and honest, and not pulling any surprises.”
Key Loan Benefit to Borrower:
This borrower was able to work with a reliable lender who he knew had his back throughout the entire process of his loan.
The client was incredibly grateful to have a lender with whom he could form a long-lasting relationship. “I need you guys to help me on this one, and you have a customer for life,” he said. So, we did (and hopefully, we do)!