Deephaven has increased its Foreign National DSCR (Debt Service Coverage Ratio) program to meet the financing needs of what it calls “a wave of single and multi-unit property investors, including non-U.S. citizens.” 

The lender said the move was prompted by rising rents and returns that are driving these investors into the market.

“Speed and efficiency are important to non-U.S. citizens, who often need to complete transactions within a compressed period, before traveling back home. We are able to offer an extremely smooth process so our partners can meet their borrowers’ timelines”

Offered through Deephaven’s wholesale and correspondent channels, the lender says the program streamlines mortgage lending by eliminating certain documentation requirements that otherwise could delay closing.

“Speed and efficiency are important to non-U.S. citizens, who often need to complete transactions within a compressed period, before traveling back home. We are able to offer an extremely smooth process so our partners can meet their borrowers’ timelines,” said Mack Walker, senior vice president, director of capital markets, Deephaven.

In place of typical borrower income qualifying criteria such as W-2’s, Deephaven calculates the projected cash flow of the property to determine whether the monthly rental income meets or exceeds the debt service requirements of the loan.

The program requires 12 months of reserves to be held in a U.S. FDIC-insured bank. The money can be used for condominiums, non-warrantable condos, planned unit developments (PUDs), and two- to four-unit multi-families. Assets for closing must be seasoned in a U.S. depository for at least 30 days prior to the close.

NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This