Cleveland DSCR Loan Lenders for Long-Term Rental Homes
Are you seeking long-term private financing for a residential rental property in Cleveland? 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 Cleveland’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 1st quarter of 2024 was 8.41%. The average loan amount was $125,201. These stats are the average of 285 loans funded for residential rental properties in Ohio between January 1, 2024 and March 31, 2024 by multiple lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
Funded DSCR Long Term Rental Loans in Cleveland
Below are some real examples of DSCR term loans for residential rental properties, funded by lenders listed on our platform.
DTI-Challenged Investor Refinance to Purchase Duplex in Cleveland, OH
$75,000
Our always-on-top-of-it iFC Loan Officer, Andrew, met this investor at a local meetup. The investor wanted to purchase a duplex in order to do a house hack in Cleveland, OH. However, due to her debt-to-income situation, she was not able to get a loan. Andrew was able to find an i Fund Cities creative solution to this customer’s situation! How? iFC was able to refinance the customer’s existing FHA loan, which made room in her debt-to-income which, in turn, allowed her to purchase another property with an FHA loan. This refinance loan was funded in March 2022.
Key Loan Benefit to Borrower:
Thanks to Andrew’s ability to think outside of the traditional lending box for our client, this borrower was able to qualify for another rental loan, which allowed her to grow her portfolio with an income-producing duplex.
Customer Feedback:
The customer was wowed that they could do this refinance. “This is amazing! I didn’t know I could refinance my house at all,” she said.