Oregon DSCR Loan Lenders for Long-Term Rentals
Are you seeking long-term private financing for a residential rental property in Oregon? 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 Oregon’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 loans terms range from 5 to 30 years.Searching...
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Oregon DSCR Loan Interest Rates
According to the loan documents software company, Lightning Docs, the average interest rate for Oregon DSCR long-term rental loans in the 1st quarter of 2024 was 8.01%. The average loan amount was $325,102. These stats are the average of 14 loans funded for residential rental properties in Oregon 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 Oregon
RCN Capital, a national direct private lender, funded a $348,750 1st lien position equity cash-out loan secured by a triplex in Medford, OR. The property value was estimated at $465,000 As-Is and a Collateral Desktop Analysis was ordered to confirm the value was acceptable. The total loan amount was 75% LTV with a 1.24 DSCR. We paid off a previous mortgage balance of $242,148. The subject property is currently leased for $3,950 per month which is equal to the market rates per the appraiser’s estimate ($3,950). It is approximately 2,208 square feet and was tenant-occupied at closing. The Borrower had excellent credit with a mid-score of 766; Bank statements reflected solid liquidity which was sufficient to meet the reserve requirement. They plan to hold the property long-term. The interest rate was fixed at 8.3% with amortized payments. The loan term was set at 30 years. This DSCR equity cash-out loan was funded in April 2023.