Is the rate on the website the rate I get?

The published grid is the starting cell. Your rate is that cell plus the adjustments your file triggers, all published.

Can points be financed?

They can be paid from proceeds where leverage allows, which raises the loan and therefore the payment.

Every lender fee is itemised on the term sheet. Third-party costs are shown as estimates because they are set by other parties.

When is the rate locked?

At term sheet issuance, for a defined period. Ask the desk for the lock length in writing.

Does a longer prepay always mean a lower rate?

On this sheet, yes — the five-year step-down is the par option and every shorter structure costs basis points.

LESSON 5 OF 64 MIN READ

What does a DSCR loan actually cost?

A DSCR loan costs a rate, points, lender fees, third-party closing costs and — if you sell or refinance early — a prepayment penalty. On Silt's current sheet the grid rate runs from 6.125% to 7.875% depending on credit and leverage, origination is one point as standard, and the prepayment menu runs from a 5-4-3-2-1 step-down at par to no penalty at all for 87.5 basis points. Third-party costs — appraisal, title, recording, insurance — are paid to other parties and vary by state and property.

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.

The rate, and what moves it

Start at the grid cell for your credit band and your leverage — that is the base. Then the adjustments apply, each one published: DSCR band, cash-out, 2–4 unit, condo, short-term rental, prepay choice, loan size, foreign national, interest-only. They add and subtract in basis points and land on a single working rate. Nothing on the sheet is discretionary, which is why the desk can price a deal in a phone call and why the number does not move between quote and term sheet unless a fact changes.

Points and origination

One point — one percent of the loan amount — is standard origination on the sheet. Points can also be used to buy the rate down: a quarter of a point for each 25 basis points, up to two points total. A broker's compensation, where a broker is involved, is disclosed separately and is not the same thing as origination. Points are paid at closing and are usually financed into the loan only to the extent leverage allows.

Lender fees versus third-party costs

Lender fees are the underwriting, processing and document charges the lender keeps — a few hundred to roughly fifteen hundred dollars, disclosed on the term sheet. Third-party costs are money passing through: appraisal, title search and insurance, settlement or attorney fees, recording, transfer taxes where the state charges them, and the first insurance premium. Third-party costs vary widely by state and are the reason two identical loans can have very different closing statements.

Escrows, impounds and prepaids

Most files escrow taxes and insurance, which means the closing statement collects a few months of each up front to seed the account. That is not a fee — it is your own money held forward — but it is cash you need at the table. Prepaid interest from the funding date to the end of the month is collected too. Ask for the cash-to-close figure rather than the fee list; it is the number that matters.

The prepayment penalty is a price, not a punishment

On Silt's sheet the five-year step-down — 5% in year one, falling by a point a year — is the par option, meaning it is already baked into the quoted rate. Shortening it costs rate: 3-2-1 adds 25 basis points, a one-year penalty adds 50, and removing it entirely adds 87.5. Choose against your actual plan. If you intend to hold for a decade, buying out a penalty you would never trigger is simply a higher payment for thirty years.

How to compare two quotes honestly

Compare the same loan amount, the same leverage, the same prepay term and the same lock period, then compare total cash to close and the monthly payment side by side. A rate that looks a quarter point better with two extra points and a shorter prepay is often the more expensive loan. Ask both lenders for the prepayment structure in writing — it is the line that most often differs and the one least often compared.

A term sheet, line by line

Loan amount	$300,000
Grid rate — FICO 745, 75% LTV	6.625%
DSCR 1.00–1.19 adjustment	+0.250%
Prepay: 3-2-1 instead of 5-4-3-2-1	+0.250%
Working rate	7.125%
Principal + interest, 30-yr fixed	$2,021 / mo
Origination — 1.00 point	$3,000
Lender underwriting / processing / docs	$1,200 (illustrative)
Appraisal	$650 (third party, varies)
Title, settlement, recording	Varies by state
Escrow seed + prepaid interest	Varies by closing date

Choosing the par 5-4-3-2-1 prepay instead would take the rate back to 6.875% and the payment to roughly $1,971 — about $600 a year. Illustrative figures from the current sheet; not a quote.

WHAT WE NEED FROM YOU

Insurance quote. The premium is a payment line and a closing cost.
Tax bill or forward estimate. Drives both the ratio and the escrow seed.
Payoff statement. On a refinance, with per-diem interest.
Entity documents. Needed before docs can be drawn.

FREQUENT QUESTIONS

Is the rate on the website the rate I get?: The published grid is the starting cell. Your rate is that cell plus the adjustments your file triggers, all published.
Can points be financed?: They can be paid from proceeds where leverage allows, which raises the loan and therefore the payment.
Are there junk fees?: Every lender fee is itemised on the term sheet. Third-party costs are shown as estimates because they are set by other parties.
When is the rate locked?: At term sheet issuance, for a defined period. Ask the desk for the lock length in writing.
Does a longer prepay always mean a lower rate?: On this sheet, yes — the five-year step-down is the par option and every shorter structure costs basis points.

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