Will you pull my credit?

Yes, once you want a written term sheet. Quoting itself takes no credit pull.

Do you need my tax returns?

No. They are not an input to a DSCR decision.

Can I use a lease I signed last week?

Yes, though a brand-new lease to a related party will be reviewed against the appraiser's market rent.

Who pays for the appraisal?

The borrower, usually at order. It is a third-party cost, not a lender fee.

What if my LLC was formed yesterday?

That is fine. A newly formed entity does not affect pricing, provided the papers and EIN are in order.

LESSON 6 OF 64 MIN READ

What documents does a DSCR loan actually require?

A DSCR file needs eight things: your entity documents, photo identification, the lease or rent evidence, the tax bill, an insurance binder, two months of bank statements, the purchase contract or payoff statement, and the appraisal the lender orders. There are no tax returns, pay stubs or employment letters, because none of them are inputs to the decision. Files that close in three weeks are almost always files where the entity papers and the insurance binder arrived in the first forty-eight hours.

THE NUMBERS

Minimum DSCR	0.75 (0.75–0.99 prices at +62.5 bps, 70% LTV cap)
Maximum LTV	80% purchase or rate-and-term · 75% cash-out
FICO floor	660 (below that the desk does not lend)
Loan size	$100K – $3M single · $10M portfolio
Reserves	6 months PITIA · 12 months on a portfolio
Prepay options	5-4-3-2-1 par · 3-2-1 +25 bps · 1-yr +50 bps · none +87.5 bps
Typical days to close	21–30 days from a signed term sheet
Rate sheet	Silt Rate Desk — Market Composite Sept 2026 · effective 2026-09-01

ILLUSTRATIVE — published program floors, not a quote or a commitment to lend. Subject to underwriting, appraisal and final credit approval.

1 and 2 — entity documents and identification

Articles or certificate of formation, the operating agreement, the EIN letter, and a certificate of good standing where the state issues one. Names must match exactly across all of them and match the title commitment; a middle initial in one place and not another is a real delay. Identification is a driver's licence or passport for each guarantor — a passport alone is sufficient for a foreign national.

3 — the lease or the rent schedule

A signed current lease for each occupied unit, plus proof of the last one or two payments where seasoning matters. If a unit is vacant, the appraiser's Form 1007 rent schedule carries the income instead, and on a 2–4 unit the appraiser also produces Form 1025. Short-term rentals substitute twelve months of documented platform revenue. Month-to-month tenancies are acceptable; a lease to a related party gets a closer read.

4 and 5 — taxes and insurance

The current tax bill, or a forward estimate on a purchase in a state that reassesses on sale. An insurance binder naming the borrowing entity as insured, with the lender's mortgagee clause, dwelling coverage sufficient for the loan, and flood cover if the property sits in a mapped zone. Insurance is the single most common cause of a closing slipping — order it the day the contract is signed, not the week before funding.

6 — bank statements

Two months, all pages, for the account holding the down payment and reserves. Underwriting is confirming two things: that the reserves exist — six months of PITIA on a single property, twelve on a portfolio — and that the down payment is sourced and seasoned. Large recent deposits need a one-line explanation and a document. Business accounts are fine; borrowed funds from an undisclosed source are not.

7 — the contract or the payoff

On a purchase, the fully executed contract with all addenda, plus the earnest money receipt. On a refinance, a current payoff statement with per-diem interest, and on a cash-out the improvement schedule with invoices if you are relying on documented basis. Any seller credit or assignment must be visible on the contract — surprises at the settlement table become conditions.

8 — the appraisal

The lender orders it; you do not supply it. It establishes value, and its rent schedule often establishes income. Expect one to two weeks in most markets and longer in rural ones. Access is the borrower's job — an appraiser who cannot get into an occupied unit is the second most common cause of delay after insurance.

A clean file's first week

Day 1	Entity papers, ID, contract, lease uploaded
Day 1	Appraisal ordered · insurance quote requested
Day 3	Bank statements and tax bill in; term sheet signed
Day 8	Insurance binder issued naming the entity
Day 12	Appraisal delivered with Form 1007
Day 16	Conditions cleared · clear to close
Day 21	Docs signed and funded

Typical days to close on the current sheet are 21 to 30 from a signed term sheet. The three items that move that date are insurance, appraisal access and entity paperwork. Illustrative timeline.

WHAT WE NEED FROM YOU

Entity package. Articles, operating agreement, EIN letter, good standing.
Photo ID for each guarantor. Passport for foreign nationals.
Leases or rent schedule. Every occupied unit, plus payment evidence.
Tax bill and insurance binder. Binder must name the entity and carry the mortgagee clause.
Two months of bank statements. All pages, source and seasoning visible.
Contract or payoff. With addenda, or with per-diem interest.

FREQUENT QUESTIONS

Will you pull my credit?: Yes, once you want a written term sheet. Quoting itself takes no credit pull.
Do you need my tax returns?: No. They are not an input to a DSCR decision.
Can I use a lease I signed last week?: Yes, though a brand-new lease to a related party will be reviewed against the appraiser's market rent.
Who pays for the appraisal?: The borrower, usually at order. It is a third-party cost, not a lender fee.
What if my LLC was formed yesterday?: That is fine. A newly formed entity does not affect pricing, provided the papers and EIN are in order.

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How fast can a DSCR loan close?LLC and entity vesting Apply All answers