A DSCR loan allows you to access funding based entirely on your intended property's cash flow without income verification through tax returns and pay stubs, which are necessary with a conventional loan.
You don't need to worry about your previous debt obligations impacting your ability to access a mortgage loan, as DSCR lenders care only about your credit score and whether the property generates enough cash flow to cover the mortgage payment.
DSCR loans are only used for real estate investors and cannot be used for owner-occupied properties like the traditional home loan; this means they are perfect for the savvy real estate investor ready to enter Connecticut's hot market. Unlike other loan types, you can also secure a DSCR loan through a corporate entity, which protects your personal assets in the case of an issue with your property.
Regarding a DSCR loan, you have options everywhere, but Connecticut real estate shouldn't be overlooked. Its proximity to major cities like New York and Boston means that vacation real estate investors can expect a steady stream of tired tourists ready to relax; meanwhile, both property values are much lower in comparison to larger cities, so you can get a much better gross rental income than you would if you needed to finance a costly rental property.
Connecticut's industry centers extensively around institutes of higher learning, which means college rental properties and the attendant storefronts, offices, and restaurants that younger individuals want. The state also has extensive finance, healthcare, and advanced manufacturing sectors, perfect for those who want to buy an office building or a factory.
As a DSCR loan can be used for office spaces, storefronts, residential rentals, and more, you can be assured that wherever your real estate portfolio is centered, you can achieve excellent cash flow through simple, streamlined DSCR loans.
Connecticut is full of charming hamlets and vibrant tourist destinations, meaning there's an opportunity for every real estate investor. Rental properties here range from short-term vacation real estate to long-term business leases.
Fairfield has its fair share of vacationers and residents, boasting two universities and five beaches; it's also known for its vibrant downtown and numerous outdoor activities, making it a great place for short-term or long-term rentals. The average rental income here is $2,490, while commercial rent is $32.39 per square foot.
Known as "Park City," Bridgeport has over 1,300 acres of parks and numerous Fortune 500 companies in the surrounding areas; this makes it great for vacation rental properties and hospitality services. It's also much cheaper than Fairfield on the residential rental side, with rents of $1,415 per month. Commercial properties are slightly less expensive than Fairfield at about $31.80 per square foot.
Prince Frederick is mostly known for its small-town charm and plentiful tourist attractions, meaning that vacation properties do very well here. Accordingly, rental income is higher here, at around $2,500; however, commercial space is cheaper, averaging $19.33 per square foot.
Hartford is an old city with deep roots, and its commercial district is well-known for the insurance company The Hartford; other businesses in adjacent industries, including finance, have also made their place here. It stands squarely within the middle of extremes, with apartments running an average of $1,424 per month and commercial spaces renting for $20.29 per square foot.
Ritzy New Haven was the place of the first tree-planting program in America, and it is also home to beautiful Colonial architecture. Those seeking a DSCR loan to develop and convert the quaint architecture would do quite well here, as would those acquiring a lovely storefront. Its elite status as a storied New England town is represented in its property values, as an apartment in "Elm City" runs for $2,048, while commercial spaces average around $31.09 per square foot.
No matter where you invest in Connecticut, you can rely on Visio Lending for your DSCR loan needs: we provide competitive interest rates and comprehensive service. Contact us today to learn how a DSCR loan can help you join the thousands of real estate investors enjoying a healthy rental income in this pretty seaside state.
Check out some of Visio Lending's recently closed DSCR loans in Connecticut.
Norwalk, CT
East Hartford, CT
New Haven, CT
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Visio Lending is the nation's premier lender for buy and hold investors offering, long-term loans for SFR rental properties, including vacation rentals.