DSCR lender for 6 units on one lot: quadplex + duplex?
I have a borrower looking at a property that has two separate structures on the same lot: one quadplex and one duplex, for a total of 6 units.
Has anyone successfully financed a setup like this as a 6-unit DSCR loan rather than treating the quadplex and duplex separately? Could we even set them up separately if they aren't parceld out?
The borrower has a 740+ FICO and we expect the property to be over a 1.10 DSCR.
Ideally looking for a lender that is comfortable with:
- 6 total residential units on one parcel
- Quadplex + duplex configuration
- Business-purpose DSCR financing
- Purchase transaction
- Both structures included under one loan
- 80% LTV if possible
I’d also be interested to know what maximum LTV lenders are offering on something like this. The borrower would ideally like to be at 80% LTV, but I’m curious whether most 5–9 unit DSCR programs are going to cap this at 75%, 70%, etc.
If anyone has a wholesale/non-QM lender that will take this, I’d appreciate the recommendation. Also curious how they underwrite and appraise the property since it is technically two structures but six total units on the same parcel.
Any info greatly appreciated, guys and gals!