Padsplit Financing

A Padsplit is a house with several bedrooms being rented by the room on a weekly basis. Many times Living rooms, dining rooms, garages, or other rooms are converted into bedrooms so that the investor can get the most rent out of their spaces. As a landlord or an investor, how do you finance these properties?

Here at Coast2Coast Mortgage many of our loan officers are also investors. We know the investing space very well and how to finance these types of properties. There are a few programs to choose from such as:

Real estate Investor Bank statement loan- This program is designed for the self-employed individual who has solid deposits in their business bank account. We will count Wholesale income, rental income, house flipping income, and ordinary business income. This program is often used to finance Pad Splits. 

Another popular program for Pad Split financing is our unleased property loan. If your house is just about ready to rent, we can send the appraiser out to inspect the home before a tenant is in the property giving us the ability to do a DSCR loan. We can count 100% of the appraiser's opinion of market rent into your DSCR. We explain DSCR on another page, but for simplicity here, if the rental income is equal to the mortgage payment PITIA, then the property will income qualify. We will not need tax returns, W2s or any other income documents. 

We have additional financing options as well for PadSplits. Please reach out to one of our loan officers today to discuss your options or fill out the form on this page.