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ADU and DSCR
Did you know, we can count rental income from an ADU on a DSCR Loan and allow for multiple ADU’s.
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5 Replies
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Tom, do you guys do non-qm loans after bankruptcy and foreclosure with no waiting period requirements. Many non-qm wholesale mortgage companies used to have non-qm loans one day out of bankruptcy and foreclosure with no waiting period requirements but have changed the waiting period requirements.
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What’s an ADU, is that like an additional building on the property?
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I was wondering the same thing. What is ADU? There are so many acronyms these days that you cannot assume everyone knows what they are all are. Many people do to not know what LTV, DTI, CLTV, HELOC, HECM, DU, LP, AUS, and other acronyms are or what they stand for.
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ADU is added living unit like an illegal in-law Suite or basement or attic space converted to a living unit. In Chicago there are a lot of illegal basement apartments that has been converted without permits
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John, is there a link for a webinar on commercial lending on loan officer support. I asked Dianne Burnett to start posting one commercial lending topic a day on the forum so our loan officers can start getting familiar with the commercial lending business model we have and how it works. I know how to do apartment buildings and complexes but Lending Network has so many different types of business and commercial lending options available that it will take time to digest. If you run into links on business, consumer, and commercial lending, please post it here. It will be greatly appreciated.