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#realestateinvesting #rentalproperty #floridarealestate 00:00 DSCR Loan Florida 00:22 DSCR Loan Requirements 02:49 DSCR Calculation 03:39 Short Term Rental 04:24 DSCR Loan Interest Rates 04:58 Instant Quote and Pre-Approval Letter If you're looking for the best DSCR loan Florida has to offer, look no further than OfferMarket! Whether your strategy is long term rentals or short term rentals on Airbnb and VRBO, we can provide you with the lowest interest rate, highest leverage, and lowest fees. Let's take a closer look! DSCR loan requirements are determined by straightforward guidelines that assess your rental property and your creditworthiness. This video is accompanied by an article that details DSCR loan requirements: https://www.offermarket.us/blog/dscr-loan-florida Here are the most important items: 1. Credit Score: Title must be held in an LLC or Corporation, because our loans are business purpose, we do not lend to individuals in personal name. 660 mid score on your tri merge credit report. 2. Background: We will want to see a clean background report. Any concerning items will require a Letter of Explanation and review by our loan committee. 3. Liquidity: For purchases, we will want to verify you have enough liquidity to cover the down payment, closing costs and 9 months of mortgage payments. For refis, we will want to verify you have enough to cover any closing costs and 9 months of mortgage payments. To verify liquidity, we request 3 months of bank statements which can be in your personal name or your business entity. You can also use brokerage accounts, though we can only count 50% of retirement accounts. 4. Experience: While we are able to fund first time investors with no verifiable experience, we are a track record lender and we provide more favorable terms to experienced borrowers. 5. Income: unlike conventional loans and bank loans, we do not need to verify your personal income. We do not request tax returns and we do not require a W2. 6. Appraisal: we order an appraisal report to understand the As Is value, estimated market rent, and condition of the subject property. We then order a 3rd party appraisal review called a Collateral Desktop Analysis, or CDA, from Clear Capital. 7. Non-Rural: your property cannot be considered rural. Rural areas are characterized by low population, limited infrastructure and limited liquidity if you needed to sell the property. To determine whether your property is designated rural, we recommend using the CFPB's Rural and Underserved Areas Tool and speaking with a real estate professional to determine how appraisers typically mark their appraisal reports. If the 'rural' box is checked, the property would not qualify for our DSCR loan program. 8. DSCR: once we have all of your underwriting inputs, we calculate your DSCR, confirm your loan amount and lock in your interest rate. To calculate DSCR, take your monthly Net Operating Income, or NOI, and divide it by your monthly mortgage principal and interest. Net operating income is rent minus operating expenses such as taxes, insurance, utilities not paid by the tenants, association dues, property management fees, and maintenance reserve. It's important to note that the capital providers that buy our loans use DSCR formulas that may vary slightly. For example, property management and maintenance may not be factored in. As loan amount and interest rate increases, DSCR decreases. Minimum DSCR guidelines can change but typically a DSCR of 1.1 or higher is required to qualify for a given loan amount. In Florida, short term rentals, or STRs, can be a more attractive operating strategy than long term rentals. If there are concerns of over-saturation in the STR market, or economic recession, your interest rate may be considerably higher than it would be for a long term rental, and your LTV may be slightly lower. To refinance your STR, we will want to see 12 months of operating history. When we underwrite STR purchases, we may use 80% of the Airdna Rentalyzer for the rent input in your DSCR calculation. Airdna Rentalyzer is a short term rental calculator that uses Airbnb and VRBO data. DSCR loan interest rates are generally competitive with conventional loans for investment properties and bank loans. DSCR loan interest rates can become volatile when the institutional investors that buy these loans -- insurance companies, pension funds, mortgage REITs -- become concerned about the housing market and health of the economy. During such periods of increased economic uncertainty, institutional investors may demand higher interest rates, lower leverage and higher credit scores. We hope this DSCR loan overview was helpful! You can get instant quotes and pre approval from OfferMarket by visiting www.offermarket.us/loans We look forward to helping you grow your Florida rental portfolio!

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