The Solution
Patch was able to offer Benny a Portfolio Loan that covered multiple properties. Benny’s income wasn’t the deciding factor; instead, Patch based the approval of his loan in part on the debt service coverage ratio (DSCR). Since the cashflow of his rental properties exceeded the amount of the loan payment, it was a sound decision. The interest rate was competitive, and there was no balloon payment waiting at the end. In addition, the 30-year term of the loan lowered Benny’s monthly payments — and boosted his monthly cashflow.
In short, Patch was able to help Benny get out of an unfavorable loan and generate instant savings. A few loans later, Benny is sold on Patch.
“Some lenders wanted me to track a year’s worth of money that I put into an account for my daughters’ discretionary income. Another lender wanted me to sell my stock and put the money in a savings account that paid next to no interest. That’s not how Patch works.”
In addition to the terms and approach, Benny was also impressed with the customer service he received.
“I never had to chase after Marc,” Benny says, referring to his Patch Loan Officer. “He’s patient and always there when I need him. He almost always calls back by end of the day.”
“So far, I’ve recommended Patch to three people,” he continues. “They’re fast, they’re friendly, and the amount of requirements are less than what other companies have.”
Benny is well on his way to achieving his investment goals. And Patch is committed to helping this Marine accomplish his mission, one house at a time.
