Cincinnati DSCR Loan Lenders for Long-Term Rental Homes
Are you seeking long-term private financing for a residential rental property in Cincinnati? On this page you'll find a list of lenders that offer these “DSCR” loans for single family homes, condos, and 2-4 unit rental properties in Cincinnati’s urban areas. Some lenders consider vacation rentals (aka short-term rental or STR). The maximum loan-to-value is 80%. For a purchase, investors need a minimum down payment of 20%, and it could be higher depending on the debt service coverage ratio (DSCR), borrower’s credit score and location. The minimum credit score is 680 for most lenders. The loan terms range from 5 to 30 years.Searching...
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Ohio DSCR Loan Interest Rates
According to the loan documents software company, Lightning Docs, the average interest rate for Ohio DSCR long-term rental loans in the 4th quarter of 2023 was 8.73%. The average loan amount was $121,412. These stats are the average of 270 loans funded for residential rental properties in Ohio 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 Cincinnati
DSCR Rental Purchase Loan for 2-Unit Residential Property in Cincinnati, Ohio
$96,776
RCN Capital, a national direct private lender, funded a $96,776 1st lien position DSCR long-term rental loan for the acquisition of a 2-unit residential property in Cincinnati, OH. We funded 80% of the $120,970 purchase price, while the Borrower contributed 20% cash at closing. The subject property was in excellent condition and tenant-occupied at closing. The subject property was approximately 1,720 square feet and was appraised for $125,000 As-Is. The Sponsor had good credit and bank statements that reflected sufficient balance to cover the liquidity. The rental income resulted in a debt service coverage ratio of 1.59. The interest rate was fixed at 9% with amortized payment. The loan term was set at 30 years. This DSCR rental purchase loan was funded in December 2023.