The Cleveland-based real estate investment platform Upright has begun to offer debt service coverage ratio (DSCR) rental loans available.
According to the company – which was previously known as Fund That Flip – the new offering is in response to customer demand and provides a comprehensive suite of services for active and passive investors alike. The loans offer a loan-to-value of up to 80% for purchases or rate-and-term refinances or up to 75% for cash-out refinancing, with a minimum amount of $75,000. The loans can be used for single-family residences (including modular; 2–4 unit residences; condominiums; townhomes; multi-family properties up to 10 units) and are available as 15- and 30-year fixed rate, with and adjustable rate mortgage and interest-only options available.
“Many customers at first come to us for our fix and flip loans,” said Upright’s Vice President of Revenue Brendan Bennett. “Often their exit strategy was to turn them into long-term rental properties, and we have previously had to refer them elsewhere. There was a piece of the puzzle missing. By introducing DSCR Rental Loans, we are better able to serve the needs of more customers throughout their entire real estate investment journey.”
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