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DSCR Loans are mortgage loans secured by residential real estate turnkey properties strictly used for a business purpose and underwritten primarily based on the property
Harpoon Capital is committed to helping investors nationwide achieve financial freedom through real estate investing — from real estate investing whales with 50+ properties to relative minnow just starting out. For any and all DSCR-related questions, check out our DSCR Loans Guide.
The terms listed below are what investors can expect when securing financing from Harpoon Capital. Specific DSCR Loan terms may vary deal-to-deal based on property characterisitics, investor strategy, and market conditions among other factors.
For hard-to-qualify situations, we can likely get it done -- whether that’s an innovative strategy needing flexibility, like short term rentals (counting 100% of projections) or BRRRR (no-seasoning cash-outs), a desire to push common industry limits (like less than 20% down on purchases or 80% cash-out refis), orother common dead-ends (such as rural markets, small square footage or limited reserves), check out our DSCR Loan Program Specialties below for solutions to your scenario!
Max-leverage acquisitions with just 15% down payment -- true DSCR qualification no hybrid income qualification needed. Boost qualification for 85% STRs with income supplementation to get the numbers right.
Industry-leading 80% leverage on cash-out refinances (99% of DSCR Lenders cap at 75% for cash-out). Maximize your BRRRR method strategy with non-taxable cash in hand.
True "no seasoning" cash-out refinances, don't even have to wait three months from buy to refi, save on carrying costs and recycle capital at lightning speed with a refinance based on appraised value with no ticking clock.
While most DSCR lenders will "haircut" or not count a portion of STR projected income when qualifying a short term rental loan -- we have options to qualify the DSCR ratio at 100% of STR projections -- from AirDNA, the Appraisal or from a multitude of sources.
Deal isn't dead when the appraiser marks it rural -- high-leverage options for any market, including up to 80% LTVs on rural purchases and rate-term refis and 75% cash-outs. Properties sitting on up to 20 acres? Can handle that as well.
We don't require a DSCR over 1.00x for our DSCR Loans. What's more, with a DSCR below one, we don't massively cut leverage either, get up to 80% LTV for loans with ratios between 0.75x and 0.99x, and even up to 75% LTV for true "no ratio" under 0.75x
While most DSCR Lenders set the bar at 640, 660 or even as high as 700, we know that some investors with a credit blemish still deserve an opportunity, which is why we have a credit minimum of just 600. Also, for borrowers with a recent foreclosure, short sale, DIL or even bankruptcy, we have options available for eligibility within just a year or a serious credit event.
For loans up to even $1.5 million, we have options where the reserves requirement (liquid assets documentation documentation, typically 2-6 or even up to 12-months PITIA) is completely waived, yes, that means zero liquid assets. Cut down on paperwork or the need to move money around to qualify.
Most DSCR Lenders stop short at 4 units max, we have options up to 9 units for true multifamily properties. Additionally, we'll go down to loan amounts of just $100,000 on these properties, way lower than the usual Multifamily DSCR industry max of $400k or more.
Harpoon Capital is on the cutting-edge of new innovations in DSCR lending, with two separate unique "hybrid" options to max LTV and qualification - including boosting qualification with income or boosting the DSCR ratio with liquid assets!
We believe in getting people started on their voyage to financial freedom - no matter the experience level, with programs not only for first-time investors but for investors who have never owned real estate before at all -- including renters!
While every DSCR Loan must have a guaranty, we have options for no recourse for even majority owners of an LLC, including options for just one guarantor with just 20% ownership of the borrower to sign. Flexible qualification as well - taking the higher of credit score among multiple guarantors.