DSCR 30-Year Rental Loan for Duplex in Long Beach, CA

S&L Capital Group, a California-based lending firm, funded a $596,000 refinance secured by a duplex in Long Beach, California. We were able to secure a DSCR 30-year fixed rate at 4.625% which allowed our high-volume rehabber client to add a recently-remodeled asset to his portfolio. The loan-to-value was 68.51%. The Borrower had tried to close a rental loan with another lender that apparently had a difficult time getting his loan to the funding table. Though the DSCR loan is marketed as a new loan, it is not, and S&L Capital Group has been funding them since 2019. We were able to navigate this closing up against an industry-wide rate hike. There is a slew of exceptions that are baked into each DSCR loan and S&L Capital Group has the experience needed to tackle these before a file gets submitted to Underwriting. We were able to utilize a local appraiser which eliminated the headache of having to utilize a national appraisal management company. This translates to getting to the funding table in fewer days than our competitors in an ever-changing interest rate environment. This DSCR loan was funded in February 2022.