Illinois DSCR Loans
EasyRent is our tailored and industry-leading DSCR Loan solution for Illinois real estate investors. Whether you are acquiring property to expand your portfolio or cashing out your capital in a refinance, we have a loan for you. Our DSCR Lending Program has solutions for anyone – from first-time investors to industry veterans looking to rapidly scale their portfolios. We are confident we can find you a great Illinois DSCR loan in a quick, efficient and easy process. Click the button below and get started today!
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What is a DSCR Loan?
A DSCR Loan is a mortgage loan for a residential income-producing property. It is primarily based on the “Debt Service Coverage Ratio” or the cash flow of the property, rather than the borrower’s income. A traditional mortgage loan will require income verification, tax returns and a “Debt-to-Income” (DTI) ratio. DSCR Loans require none of these! Perfect for real estate investors ready to scale (no more W2!) or are looking leave behind the hassle, paperwork and headaches of conventional financing, DSCR Loans are quickly becoming the go-to loan option for real estate investors.
For a comprehensive definition, “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.”
DSCR Loan Definition Breakdown
- Mortgage Loans = form of loan that is secured by collateral, collateral = real estate
- Residential Real Estate = properties used for people to live in vs. commercial, which is used to operate businesses (offices, retail, industrial, hotel, self-storage, etc.). In real estate finance, residential also typically refers to “1-4 unit” properties, anything more would be considered “multifamily”
- Business Purpose = DSCR loans strictly do not allow the owner of the property to live in the property, it must be used for “business” or investment purposes. Includes use of “cash-out proceeds”
- Underwritten = How lender evaluates (and then prices) the risk of the loan
- Primarily Based on Property = Mostly based on property, but also look at sponsor
- Turnkey = property doesn’t require any renovation, “turn the key and go”
Looking to get a deeper understanding of all things DSCR? Check out our DSCR Loans Guide below!
Illinois Recent DSCR Fundings
Real Investments. Real Results.
Real estate investors in the Prairie State are turning to DSCR Loans as a strategic tool to expand and manage their investment property portfolios. DSCR loans allow investors to secure financing based on the property's ability to generate income (rather than an investor's individual credit profile). In a market like Illinois, where real estate prices have shown steady growth and rental demand remains steady, DSCR loans offer investors a flexible and effective means to acquire new properties, improve existing ones, or refinance their assets. Easy Street Capital is proud to be a leading provider of DSCR loans for Illinois real estate investors looking to build rental portfolios! Check out our most recently funded DSCR loans in the Land of Lincoln below:
PUD
Plainfield, IL
$200,000 Illinois DSCR Rental Loan for a Rate-Term Refinance of a rental property in Plainfield. The residence is situated in a suburban neighborhood approximately a mile west of a major highway that facilitates travel into downtown Chicago.
Single-Family Residence
Elmhurst, IL
$851,500 Illinois DSCR Rental Loan for a Cash-Out Refinance of a rental property in Elmhurst. Recent renovations of this property include a remodeled kitchen, remodeled bathrooms, a fully finished basement, a new fireplace, and fresh interior paint.
Quadruplex
Rockford, IL
$170,800 Illinois DSCR Rental Loan for a Cash-Out Refinance of a rental property in Rockford. This property consists of four equal-sized units that have undergone multiple renovations including updated fans, paint, flooring, and bathrooms. Located within the largest city in Winnebago County, all four units are currently occupied on long-term leases.
PUD
Plainfield, IL
$165,000 Illinois DSCR Rental Loan for a Cash-Out Refinance of a rental property in Plainfield. Located in a southwestern suburb of Chicago, the neighborhood is prosperous and pedestrian-focused with easy access to several interstates and state highways.
Single-Family Residence
Dolton, IL
$101,250 Illinois DSCR Rental Loan for an Acquisition of a rental property in Dolton. Located in a well-established residential neighborhood, this property is within good proximity to schools, parks, local shopping centers, and a variety of supporting facilities.
Single-Family Residence
Elmhurst, IL
$2,293,000 Illinois DSCR Rental Loan for a Cash-Out Refinance of a rental property in Elmhurst. Located blocks away from Elmhurst University, this property has been fully renovated within the past year to allow for large additions to the house.
Multifamily (6-Unit)
Springfield, IL
$243,700 Illinois DSCR Rental Loan for an Acquisition of a rental property in Springfield. This property is within walking distance to the Illinois State Museum and Illinois State Capitol Building, which is in the safest neighborhood in Downtown Springfield. Upon acquisition, the property will be utilized as a long-term rental property.
Single-Family Residence
Maywood, IL
$225,000 Illinois DSCR Rental Loan for an Acquisition of a rental property in Maywood. The property values in the market are stable and located only 12 miles from downtown Chicago, this property is a great location for someone who wants the privacy and space of a suburb but wants easy access to one of the largest cities in the United States. Developed along one of the oldest railway lines that led from Chicago, Maywood has attracted people for decades with its luscious grass prairie and ancient trees.
Duplex
Chicago, IL
$240,000 Illinois DSCR Rental Loan for a Cash-Out Refinance of a rental property in Chicago. Located in the Englewood neighborhood which provides easy access to all essential services such as schools, hospitals, transportation, and shopping the property is just 20 minutes southwest of downtown Chicago, a cultural hub for financial and manufacturing industries.
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