No W-2. No Tax Returns.
A DSCR loan in Scranton qualifies on the property's rent rather than your W-2 or tax returns — business-purpose financing for non-owner-occupied rentals, available to LLCs as standard. What makes Scranton its own underwriting problem: Pennsylvania is judicial. That is exactly the kind of variable that one lender's credit box handles badly and thirty handle well, which is how LendingStreet places the file.
Check My Scranton Rental Loan Options →The economy runs on Geisinger and Commonwealth Health, the University of Scranton, Wilkes and King's College, and the I-81 logistics corridor. The rental stock is a very large pre-war stock — doubles, Victorians and bungalows — at low basis across both cities, and post-war suburban stock in the Abingtons and Back Mountain.
Pennsylvania is judicial. Scranton and Wilkes-Barre run at some of the lowest bases in the Northeast with an intact pre-war stock, so renovation regularly exceeds purchase price — the same profile as the low-basis Rust Belt metros. Both cities have drawn New York and New Jersey investors on the basis gap. Flood mapping along the Susquehanna affects Wilkes-Barre parcels.
Get a bindable insurance quote before you go under contract, not after. In Scranton the premium is large enough to move the ratio across the 1.0 line on its own.
Standard ranges across our capital sources: $150,000 to $3.5M, up to 80% LTV on purchase and 75% on cash-out, 1.00 minimum ratio with sub-1.0 and no-ratio at select sources, 660 credit standard with 640 and 620 tiers, 30-year fixed, LLC vesting with personal guaranty, 14 to 21 days to close. Full detail and the current rate floor are on the DSCR loan page. The figures on your file depend on the source, the property and the ratio.
The Scranton–Wilkes-Barre metro — Scranton plus Wilkes-Barre, Dunmore, Dickson City, Kingston, Clarks Summit and Pittston — and the rest of Pennsylvania via the Pennsylvania DSCR page. Investor activity in Scranton concentrates in Hill Section, Green Ridge, West Scranton, South Side, Kingston (Wilkes-Barre); the loan is underwritten identically anywhere in the metro.
Run the ratio in the DSCR calculator with real Scranton tax and insurance figures before you submit — those lines decide more ratios here than the rate does.
Also see: Philadelphia, PA →Pittsburgh, PA →
Yes — Scranton, Wilkes-Barre, Dunmore, Dickson City, Kingston, Clarks Summit and Pittston, and the rest of Pennsylvania.
It affects the lender's side. A faster recovery timeline widens the pool of sources comfortable writing there; a slower one makes some conservative on leverage. We account for it in placement.
STR demand is minimal outside the Poconos to the east; underwrite on long-term rent. We underwrite on long-term market rent.
Enough to decide it. Get a bindable quote before contract; the premium can move the ratio across 1.0 on its own.
Typically 14 to 21 days from a complete file. Appraisal is the longest fixed step.
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