Columbus DSCR Loan Lenders for Long-Term Rental Homes
Are you seeking long-term private financing for a residential rental property in Columbus? 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 Columbus’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 Columbus
RCN Capital, a national direct private lender, funded a $294,676 1st lien position long-term rental loan for a portfolio of 3 rental homes in Columbus, Ohio. The value of all 3 properties was estimated at $420,965 so our loan-to-value was 73%. We paid off a previous loan balance of $290,000. The 3 SFRs have a great overall cash flow of 1.37x and were in good condition. This repeat Borrower is very experienced and owns 65 units that are all fully occupied. Great deal overall. The interest rate was fixed at 8.38% with amortized payments. The DSCR was 1.37. The Borrower had good credit and solid liquidity. The loan term was set at 30 years. This DSCR rental refinance loan was funded in August 2023.