Our guide reviews the 5 best DSCR lenders in Ohio, considering factors like closing speed, LTV, reliability, and flexibility.
To help borrowers choose the right lender and eliminate bad ones, we compiled this guide covering the five best DSCR lenders in Ohio based on the following factors:
We begin by showing you how we at Constitution Lending use tools such as our DSCR loan pricer and online documents portal to close reliably within 7 to 14 days.
See what loan terms you qualify for by generating an instant quote.
If you need a refresher, DSCR loans are approved based on a property’s debt-service coverage ratio (DSCR), which is the ratio of monthly rental income to expenses. DSCR lenders don’t consider a borrower’s personal finances.
For example, a property with a bond of $1,000 per month yielding $1,300 in rent has a 1.3 DSCR. Naturally, the higher the DSCR, the better your chances of qualification. Anything above 1.0 is considered strong, and some lenders like Constitution Lending can even finance deals with a DSCR as low as 0.75.
Because DSCR loans essentially ignore borrowers’ financials, they don’t have to submit pay stubs, employment verification, tax returns, or any other paperwork that banks usually require.
Constitution Lending is a direct hard money lender that offers quick, high-LTV DSCR loans to borrowers in Ohio and most states throughout the country.
Before establishing Constitution Lending, we were real estate investors who purchased, leased, and rehabbed investment properties. At the time, we partnered with countless lenders, and most of them were frustrating to deal with. They claimed to offer speedy closings, but it almost always took 40+ days. As a result, we lost out on many investment opportunities.
In addition, some lenders rejected our application at the last minute — sometimes on the day of closing — despite previously saying that we could qualify.
We founded Constitution Lending to address these shortcomings in the DSCR real estate market. We intentionally designed our processes to close faster than most lenders and provide borrowers honest, transparent, and fast feedback about their qualification status.
Here’s what borrowers say about our lending process:
We use our automated DSCR loan pricer and online documents portal to expedite the application process and close quickly.
Borrowers can generate instant loan quotes by visiting our pricer and entering the following information:
The pricer will present three mortgage loan quotes detailing your interest rates, monthly mortgage payments, debt obligations, loan terms, and available buydowns.
You can apply by clicking on your preferred quote and entering your full name and email address. You'll receive a term sheet and approval letter immediately.
We'll also include a link to our online documents portal. Here, you can submit all the necessary documentation, which typically includes proof of insurance, purchase contracts, entity documents, and bank statements.
Our mortgage loan officers will evaluate these documents and inform you whether you qualify within a few hours. The entire process takes less than a day. We can even get back to you on weekends and holidays. With most lenders, this process takes one to two weeks.
Our documents portal also has a messaging feature where you can contact us with any questions.
We close the deal with the escrow company in just 7 to 14 days. For borrowers really under the gun to close, we've even closed in 4 days. The limitation isn't our lending processes but rather how quickly the borrower can submit documents.
With most DSCR lenders, you must wait multiple business days for a loan officer to call and answer questions for an hour. Then, after another couple of days, you get a yes or no and can begin submitting documents.
By being the financiers of your DSCR loan, we don’t have to adhere to someone else’s DSCR loan requirements — unlike loan brokers.
We created our own loan requirements and possess a thorough understanding of what’s required to qualify, allowing us to say whether you’re successful immediately after you submit documents. We won’t send you a rejection letter near the closing date. This makes the loan application process significantly less stressful for our borrowers.
On the other hand, loan brokers are a common cause behind last-minute drama. They don’t fund your loan; they connect you to an actual mortgage lender. Then, the broker has to send your documents to the lender before giving you an answer about your eligibility.
If the lender finds a problem with your application weeks into underwriting and a few days before closing, it can cause discouraging last-minute rejections.
If you’d like to purchase an investment property that isn’t in a ready-to-rent condition and doesn’t qualify for conventional DSCR loans, we offer short-term fix-and-flip loans to help you buy and renovate distressed rental properties.
Once you’ve rehabbed the property, we can convert the fix-and-flip loan into a DSCR loan. This way, you don’t have to source short and long-term financing from two lenders.
Read more: 5 Best Hard Money Lenders for First-Time Investors
Constitution Lending has originated over $200 million of private money loans, including fix-and-flip, bridge, construction, and DSCR loans. We’ve helped thousands of borrowers of all experience levels close quickly and compete against cash buyers for good deals.
To date, we have completed deals in Cleveland, Columbus, Cincinnati, Toledo, and several other cities in Ohio.
See what loan terms you qualify for by generating an instant quote with our automated DSCR loan pricer.
Malve Capital is a private mortgage company operating in Ohio.
Borrowers can qualify for DSCR loans with Malve Capital without submitting personal documents like proof of personal income and W2 forms. Malve Capital also offers other financing options and loan programs, such as fix-and-flip and bridge loans.
That said, Malve Capital doesn’t have a DSCR loan pricer that borrowers can use to plan different loan scenarios and receive an instant quote. Instead, borrowers must book a call with a loan officer, which, in our experience, can delay the application process.
Additionally, it’s unclear whether Malve Capital offers a documents portal where borrowers can easily submit all the necessary paperwork.
Lima One is a non-QM lender for real estate investors looking to purchase commercial properties. They provide DSCR, fix-and-flip, bridge, and construction loans.
Lima One lends to borrowers of all experience levels, so it doesn’t matter if you’ve never purchased a property before or have a portfolio of 10 investment properties; Lima One mainly considers a property’s DSCR.
However, Lima One doesn’t have an automated DSCR loan pricer on its website. Instead, it requires borrowers to request a term sheet or speak to a loan officer, and it doesn’t specify how long it takes the loan officer to get back to them with loan documents. As a result, we can’t confirm Lima One’s closing speed.
Visio Lending is an alternative nationwide lender that borrowers can use to secure financing for long-term rentals. They also offer vacation rental loans, which is a good choice for borrowers who want to turn a property into an Airbnb and don’t earn rental income the traditional way.
To apply for financing with Visio Lending, borrowers must fill out a contact form on their website detailing the specifics of the deal. We can only assume that a loan officer will call to discuss the deal further. Visio Lending doesn’t offer instant loan quotes, term sheets, or approval letters.
Side note: Visio Lending offers unsecured personal and business loans for non-mortgage purposes.
Belcanto Capital is a real estate investment loan company that offers different loan products for commercial borrowers in Ohio. On its website, Belcanto Capital claims to offer good terms, fast closing (although it doesn’t specify a time frame), and lighter documentation.
Borrowers can qualify for a DSCR loan with Belcanto by visiting their website and applying for a quote. However, they don’t have an automated DSCR loan pricer that generates instant quotes for borrowers and shows what rates they qualify for, nor can they submit documents quickly through a portal. It’s unclear how quickly Belcanto can close.
Use our automated DSCR loan pricer to see what interest rates, LTV, and terms you qualify for.
| Qualification | Requirement |
|---|---|
| Minimum and maximum loan amount | $150,000 to $3,000,000 |
| Type of property | Non-owner occupied single-family, multi-family, and 5-8 unit properties |