[
 {
  "date": "2026-10-19",
  "lender_id": "logan-finance",
  "lender": "Logan Finance",
  "field": "sources",
  "old": "Open Road DSCR matrix dated 03/09/2026 (lfctpo.com copy)",
  "new": "Open Road DSCR matrix dated 06/24/2026 (loganfinance.com)",
  "source": "https://loganfinance.com/wp-content/uploads/logan-product-matrixes/open-road/LoganExperienceProductMatrixesOpenRoad-DSCR.pdf",
  "note": "Logan published a newer Open Road DSCR matrix. STR min DSCR 1.00, min FICO 700, max loan $1.5M, min loan $150K, 70% refinance LTV and the first-time-investor exclusion are the same in both matrices."
 },
 {
  "date": "2026-10-19",
  "lender_id": "logan-finance",
  "lender": "Logan Finance",
  "field": "max_ltv_purchase",
  "old": 70,
  "new": 75,
  "source": "https://loganfinance.com/wp-content/uploads/logan-product-matrixes/open-road/LoganExperienceProductMatrixesOpenRoad-DSCR.pdf",
  "note": "STR max LTV: the 03/09/2026 matrix showed 70%; the 06/24/2026 matrix says \"Max LTV 75% for Purchase, 70% LTV for Refinance\"."
 },
 {
  "date": "2026-10-19",
  "lender_id": "quickline-capital",
  "lender": "Quickline Capital",
  "field": "states_note",
  "old": "STR page says all 50 states; its home page says it lends in 45 states. Confirm for your state.",
  "new": "Quickline's own pages disagree: the STR page says all 50 states, the home page says 45 states and the DSCR rental page says 43 states. None lists which states. Confirm for your state.",
  "source": "https://quicklinecapital.com/rental-property-loans/",
  "note": "Re-checked with a normal browser fetch. Its DSCR rental page gives a third state count (43). Published STR loan figures were unchanged."
 },
 {
  "date": "2026-10-19",
  "lender_id": "the-mortgage-shop",
  "lender": "The Mortgage Shop",
  "field": "added",
  "old": null,
  "new": "Added as broker/referral source (not ranked or counted)",
  "source": "https://mortgage.shop/loan-types/",
  "note": "Figures from its own loan-types and DSCR pages; STR income method not published."
 },
 {
  "date": "2026-10-19",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "min_loan",
  "old": null,
  "new": 75000,
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. Flex Investor DSCR flyer (eff. 08.03.26): Loan Amounts From $75K to $3M (general DSCR; flyer says Short and Long-Term Rental Options Available)"
 },
 {
  "date": "2026-10-19",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "max_loan",
  "old": null,
  "new": 3000000,
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. Flex Investor DSCR flyer (eff. 08.03.26): Loan Amounts From $75K to $3M (general DSCR)"
 },
 {
  "date": "2026-10-19",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "prepay",
  "old": null,
  "new": "Required (investment properties); term not published",
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. Investment Properties Only With Required Prepayment Penalty"
 },
 {
  "date": "2026-10-19",
  "lender_id": "newfi-wholesale",
  "lender": "Newfi Wholesale",
  "field": "min_loan",
  "old": null,
  "new": 125000,
  "source": "https://www.newfiwholesale.com/wp-content/uploads/2026/09/Newfi-Lending-Sequoia-DSCR-Matrix_Final_08.20.2026-rev-2-09.14.26.pdf",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. Sequoia DSCR matrix 08.20.2026 rev 2: Minimum Loan Amount - $179,500 for loans in Missouri - $125,000 all others"
 },
 {
  "date": "2026-10-19",
  "lender_id": "newfi-wholesale",
  "lender": "Newfi Wholesale",
  "field": "prepay",
  "old": null,
  "new": "1-5 years: 6 months' interest, fixed 5%, or 5/4/3/2/1 step-down; not allowed in AK, DC, IL, MD, MI, MS, NM, RI, VT",
  "source": "https://www.newfiwholesale.com/wp-content/uploads/2026/09/Newfi-Lending-Sequoia-DSCR-Matrix_Final_08.20.2026-rev-2-09.14.26.pdf",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. 6 months of interest ... Fixed 5% ... Step Down ... 1-, 2-, 3-, 4-, and 5-year term available ... PPP Not Allowed in the following states: Alaska, DC, Illinois, Maryland, Michigan, Mississppi, New Mexico, Rhode Island, and Vermont"
 },
 {
  "date": "2026-10-19",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "prepay",
  "old": null,
  "new": "Up to 5 years, subject to state restrictions",
  "source": "https://retail.thelender.com/str",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. Prepayment terms may extend up to 5 years, subject to state restrictions."
 },
 {
  "date": "2026-10-19",
  "lender_id": "truss-financial-group",
  "lender": "Truss Financial Group",
  "field": "max_loan",
  "old": null,
  "new": 30000000,
  "source": "https://trussfinancialgroup.com/california-mortgage-lender/dscr-loans",
  "note": "Gap-fill: not published in earlier passes; now read on the lender's own page. Working with Truss Financial Group for DSCR Loans ... DSCR loan amounts up to $30 million. (general DSCR figure on its California page)"
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "min_fico",
  "old": 640,
  "new": 720,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "STR-specific figure from Defy's wholesale DSCR guide replaces the general 640 (consumer rate page)."
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "min_dscr",
  "old": 0.75,
  "new": 1.15,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "STR-specific figure from Defy's wholesale DSCR guide replaces the general 0.75."
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "sub_1_dscr",
  "old": true,
  "new": false,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "Wholesale guide: STR income is not allowed below 1.00 DSCR. Replaces the general 'DSCR down to 0.75'."
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "max_ltv_purchase",
  "old": 85,
  "new": 75,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "STR max LTV from the wholesale guide replaces the general 85% SFR purchase figure."
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "max_ltv_cashout",
  "old": 80,
  "new": 75,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "STR max LTV from the wholesale guide replaces the general 80% cash-out figure."
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "max_loan",
  "old": null,
  "new": 2500000,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "Gap-fill (conflict resolved): wholesale guide says 'Max Loan: $2.5M' (https://defytpo.com/best-wholesale-dscr-lender); consumer DSCR page says 'No Hard Maximum Loan Limit' (https://defymortgage.com/non-qm-loans/dscr-loans/). The more conservative figure is kept."
 },
 {
  "date": "2026-10-19",
  "lender_id": "newfi-wholesale",
  "lender": "Newfi Wholesale",
  "field": "max_ltv_purchase",
  "old": 80,
  "new": 75,
  "source": "https://www.newfiwholesale.com/wp-content/uploads/2026/09/Newfi-Lending-Sequoia-DSCR-Matrix_Final_08.20.2026-rev-2-09.14.26.pdf",
  "note": "STR cap in the Sequoia DSCR matrix (eff. 08/20/2026 rev 2) replaces the general 80% DSCR figure."
 },
 {
  "date": "2026-10-19",
  "lender_id": "newfi-wholesale",
  "lender": "Newfi Wholesale",
  "field": "max_ltv_cashout",
  "old": 80,
  "new": 75,
  "source": "https://www.newfiwholesale.com/wp-content/uploads/2026/09/Newfi-Lending-Sequoia-DSCR-Matrix_Final_08.20.2026-rev-2-09.14.26.pdf",
  "note": "STR cap in the Sequoia DSCR matrix (eff. 08/20/2026 rev 2) applies to refinances too; replaces the general 80%."
 },
 {
  "date": "2026-10-19",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "min_fico",
  "old": 640,
  "new": 660,
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Newest dated document wins: Flex Investor DSCR flyer eff. 08.03.26 says 660; the undated product page (https://www.nqmf.com/products/investor-dscr/) still says 640."
 },
 {
  "date": "2026-10-19",
  "lender_id": "truss-financial-group",
  "lender": "Truss Financial Group",
  "field": "min_fico",
  "old": 620,
  "new": 650,
  "source": "https://trussfinancialgroup.com/california-mortgage-lender/dscr-loans",
  "note": "Truss's own stated minimum ('around 650', California DSCR page) replaces 620, which came from a general article about lenders (https://trussfinancialgroup.com/dscr/debt-service-coverage-ratio-mortgage). Also the more conservative figure."
 },
 {
  "date": "2026-10-19",
  "lender_id": "visio-lending",
  "lender": "Visio Lending",
  "field": "max_ltv_purchase",
  "old": 85,
  "new": 80,
  "source": "https://visiolending.com/resources/short-term-rental-guide/",
  "note": "STR-specific figure from Visio's short-term rental guide replaces its general 85% DSCR purchase offer (https://visiolending.com/)."
 },
 {
  "date": "2026-10-19",
  "lender_id": "america-mortgages",
  "lender": "America Mortgages",
  "field": "coverage",
  "old": "all",
  "new": "all_except",
  "source": "https://www.americamortgages.com/loan-type/us-dscr-mortgage",
  "note": "DSCR page no longer says all 50 states; its only published state list is AM Rental Coverage+: all 50 except IA, NV, NC, UT, VA."
 },
 {
  "date": "2026-10-19",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "first_time_investor",
  "old": true,
  "new": false,
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "STR rule wins: STR purchases require 12 months STR operating experience."
 },
 {
  "date": "2026-10-19",
  "lender_id": "easy-street-capital",
  "lender": "Easy Street Capital",
  "field": "reserves",
  "old": null,
  "new": "3-9 months PITIA in documented liquid reserves (EasyRent DSCR program)",
  "source": "https://easystreetcap.com/easyrent/",
  "note": "Gap-fill (direct lenders, pass 4): reserves published on the lender's own page. Quote: \"For the EasyRent loan program, we generally require 3-9 months of PITIA payments for liquid asset reserves to be documented.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "kiavi",
  "lender": "Kiavi",
  "field": "reserves",
  "old": null,
  "new": "None required (no cash reserve / minimum liquidity requirement on rental loans)",
  "source": "https://www.kiavi.com/rental-loans-for-investors",
  "note": "Gap-fill (direct lenders, pass 4): reserves published on the lender's own page. Quote: \"with no cash reserve requirements, making it easier to invest in rental properties.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "kiavi",
  "lender": "Kiavi",
  "field": "fees",
  "old": null,
  "new": "No application fee; origination fee based on the final loan amount (amount not published)",
  "source": "https://www.kiavi.com/faqs",
  "note": "Gap-fill (direct lenders, pass 4): fees published on the lender's own page. Quote: \"We do not require an application fee and the origination fee is based on the final loan amount.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "griffin-funding",
  "lender": "Griffin Funding",
  "field": "reserves",
  "old": null,
  "new": "Varies by program: some require none on loans up to $2.5M at 80% LTV or less; others 6-18 months PITIA by LTV and loan amount, some adding months per other financed property",
  "source": "https://griffinfunding.com/blog/dscr-loans/dscr-loan-for-airbnb/",
  "note": "Gap-fill (direct lenders, pass 4): reserves published on the lender's own page. Quote: \"Varies by program. Some require none on loans up to $2.5 million at 80% LTV or less. Others require 6 to 18 months of PITIA based on LTV and loan amount, and some add months for each other financed property.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "griffin-funding",
  "lender": "Griffin Funding",
  "field": "fees",
  "old": null,
  "new": "Flat lender fees: $795 processing + $1,195 underwriting ($1,990 total, regardless of loan size)",
  "source": "https://griffinfunding.com/blog/dscr-loans/dscr-loan-closing-costs/",
  "note": "Gap-fill (direct lenders, pass 4): fees published on the lender's own page. Quote: \"At Griffin Funding, the lender-fee portion is flat rather than percentage-based: $795 processing plus $1,195 underwriting, $1,990 total regardless of loan size.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "corevest-finance",
  "lender": "CoreVest Finance",
  "field": "prepay",
  "old": null,
  "new": "Yield maintenance (generally, on long-term fixed-rate rental portfolio loans)",
  "source": "https://www.corevestfinance.com/articles/yield-maintenance-real-estate-investors",
  "note": "Gap-fill (direct lenders, pass 4): prepay published on the lender's own page. Quote: \"CoreVest’s long-term fixed-rate rental portfolio loans generally include yield maintenance.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "lendingone",
  "lender": "LendingOne",
  "field": "fees",
  "old": null,
  "new": "1 point or $2,000 (whichever is greater) plus $1,395 processing and legal (FAQ; not stated as DSCR-specific)",
  "source": "https://lendingone.com/resources/faqs/",
  "note": "Gap-fill (direct lenders, pass 4): fees published on the lender's own page. Quote: \"LendingOne charges 1 point or $2,000 (whichever is greater) and $1,395 for processing and legal fees.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "reserves",
  "old": null,
  "new": "theNONI/theNearNONI: loans up to $1M 0 months (purchase or rate/term), 3 months PITIA cash-out; over $1M 3 months PITIA (purchase or rate/term), 6 months cash-out; cash-out may satisfy reserves",
  "source": "https://wholesale.thelender.com/wp-content/uploads/2025/12/theNONI_matrix_12.24.25E.pdf",
  "note": "Gap-fill (direct lenders, pass 4): reserves published on the lender's own page. Quote: \"Reserves • Loan Amount ≤ $1,000,000 o 0-month - Purchase or Rate/Term o 3-months PITIA – Cash-Out • Loan Amount > $1,000,000 o 3-months PITIA – Purchase or Rate/Term o 6-months PITIA – Cash-Out • Cash-out may be used to satisfy reserves requirement. (theNONI wholesale matrix 12.24.25)\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "america-mortgages",
  "lender": "America Mortgages",
  "field": "fees",
  "old": null,
  "new": "AM Premier+ (accepts STR income): 2% origination, paid only if the loan funds; appraisal, settlement and lender fees vary by property, state and wholesale lender",
  "source": "https://americamortgages.com/am-premier-loan-program",
  "note": "Gap-fill (direct lenders, pass 4): fees published on the lender's own page. Quote: \"Origination is 2% and is a success fee — you pay it only when the loan funds. Appraisal, settlement and lender fees vary by the property, the U.S. state and the wholesale lender\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "new-silver",
  "lender": "New Silver",
  "field": "prepay",
  "old": null,
  "new": "Typically 5-4-3-2-1 step-down; can be reduced with a higher rate (Rent/DSCR program, STR allowed)",
  "source": "https://newsilver.com/hard-money-loans-rent/",
  "note": "Gap-fill (direct lenders, pass 4): prepay published on the lender's own page. Quote: \"Typically there is a 5-4-3-2-1 step down prepayment penalty. ... The borrower will have the option to decrease the prepayment penalty with an increase in the interest rate.\""
 },
 {
  "date": "2026-10-19",
  "lender_id": "new-silver",
  "lender": "New Silver",
  "field": "fees",
  "old": null,
  "new": "Origination 0-2% (Rent/DSCR program page; the same page also shows 0-1.5%)",
  "source": "https://newsilver.com/hard-money-loans-rent/",
  "note": "Gap-fill (direct lenders, pass 4): fees published on the lender's own page. Quote: \"Origination 0-2% (elsewhere on the same page: \"Origination fee 0 - 1.5%\")\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "america-mortgages",
  "lender": "America Mortgages",
  "field": "min_fico",
  "old": null,
  "new": 680,
  "source": "https://americamortgages.com/am-premier-loan-program",
  "note": "Gap-fill (pass 5, 2026-10-20): min_fico published on the lender's own page. Quote: \"U.S. citizens qualify from a 680 credit score; foreign nationals can use foreign credit, and no U.S. credit history is required. (AM Premier+, the program that accepts STR income)\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "min_fico",
  "old": null,
  "new": 620,
  "source": "https://wholesale.thelender.com/wp-content/uploads/2025/12/theNONI_matrix_12.24.25E.pdf",
  "note": "Gap-fill (pass 5, 2026-10-20): min_fico published on the lender's own page. Quote: \"theNONI DSCR ≥ 1.00 grid, lowest Minimum Credit Score row: \"620 $1,500,000 60 60 NA\" (620 FICO capped at 60% LTV purchase and rate/term, $1.5M; cash-out NA). STR is allowed on theNONI (Short Term Rental section).\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "first_time_investor",
  "old": null,
  "new": true,
  "source": "https://wholesale.thelender.com/wp-content/uploads/2025/12/theNONI_matrix_12.24.25E.pdf",
  "note": "Gap-fill (pass 5, 2026-10-20): first_time_investor published on the lender's own page. Quote: \"First-time investor – Minimum FICO ≥ 680. Cannot live rent free. ... First Time Investor • theSuperNONI - INELIGIBLE (STR is not allowed on theSuperNONI)\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "1st-nationwide-mortgage",
  "lender": "1st Nationwide Mortgage",
  "field": "reserves",
  "old": null,
  "new": "3-6 months PITIA (standard DSCR programs); 6-12 months often required on jumbo DSCR",
  "source": "https://www.1stnwm.com/loan-programs/airbnb-short-term-rental-loans/",
  "note": "Gap-fill (pass 5, 2026-10-20): reserves published on the lender's own page. Quote: \"Reserves vary by program and loan size. Standard DSCR programs require 3-6 months of PITIA in reserves; jumbo DSCR often requires 6-12 months.\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "uncapco",
  "lender": "Uncapco Financial",
  "field": "fees",
  "old": null,
  "new": "Origination fees as low as 0% (amounts above that not published)",
  "source": "https://uncapco.com/short-term-rental-loans",
  "note": "Gap-fill (pass 5, 2026-10-20): fees published on the lender's own page. Quote: \"0% Origination Fees As Low As\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "uncapco",
  "lender": "Uncapco Financial",
  "field": "min_dscr",
  "old": null,
  "new": 1.0,
  "source": "https://uncapco.com/dscr-rental-loans",
  "note": "Gap-fill (pass 5, 2026-10-20): min_dscr published on the lender's own page. Quote: \"We use a 1.0+ ratio to qualify the loan based on the property’s cash flow instead of your personal income. (same page: \"Airbnb and Short-Term Rental Available\")\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "lendmire",
  "lender": "Lendmire",
  "field": "max_loan",
  "old": null,
  "new": 3000000,
  "source": "https://www.lendmire.com/loanoptions/dscr-investor-loans/",
  "note": "Gap-fill (pass 5, 2026-10-20): max_loan published on the lender's own page. Quote: \"Standard DSCR loans to $3,000,000. Super jumbo DSCR carries the ladder to $6,000,000 for larger properties and portfolios, and considers balances to $10,000,000 on review.\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "min_dscr",
  "old": null,
  "new": 0.75,
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Gap-fill (pass 5, 2026-10-20): min_dscr published on the lender's own page. Quote: \"Max 85% LTV / 660 Min FICO / DSCR Ratios ≥ 1.00 and ≥ 0.75 to 0.99\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "sub_1_dscr",
  "old": null,
  "new": true,
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Gap-fill (pass 5, 2026-10-20): sub_1_dscr published on the lender's own page. Quote: \"Max 85% LTV / 660 Min FICO / DSCR Ratios ≥ 1.00 and ≥ 0.75 to 0.99\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "reserves",
  "old": null,
  "new": "3 months; cash-out proceeds can be used as reserves",
  "source": "https://admortgage.com/programs/dscr/",
  "note": "Gap-fill (pass 5, 2026-10-20): reserves published on the lender's own page. Quote: \"We only require 3 months of reserves! ... Cash-out proceeds can be used as reserves\""
 },
 {
  "date": "2026-10-20",
  "lender_id": "lima-one-capital",
  "lender": "Lima One Capital",
  "field": "min_dscr",
  "old": 1.3,
  "new": 1.3,
  "source": "https://www.limaone.com/rental/detail/",
  "note": "Conflict resolved (pass 20b), value unchanged: STR-specific rule wins. The Short-Term Rental Loan box on the rental detail page says '1.3+ DSCR / Minimum FICO 700'. The 1.0 on the rental pages ('the minimum DSCR is 1.0'; FAQ at https://www.limaone.com/rental/: 'A property must have at least a 1.0 DSCR ratio') is the general rental/DSCR loan minimum, not STR. The STR program page (https://www.limaone.com/short-term-rental-loans/) states no DSCR minimum."
 },
 {
  "date": "2026-10-20",
  "lender_id": "nqm-funding",
  "lender": "NQM Funding",
  "field": "min_fico",
  "old": 660,
  "new": 660,
  "source": "https://www.nqmf.com/docs/Flyers/Standard/InvestorDSCR.pdf",
  "note": "Conflict resolved (pass 20b), value unchanged: no STR-specific credit rule is published for Investor DSCR, so the most recent official source wins: the Flex Investor DSCR flyer (Effective Date 08.03.26) says '660 Min FICO'. The product page (https://www.nqmf.com/products/investor-dscr/, last modified 2025-01-14) still says 'a foundational FICO requirement of 640'."
 },
 {
  "date": "2026-10-20",
  "lender_id": "lima-one-capital",
  "lender": "Lima One Capital",
  "field": "min_fico",
  "old": 700,
  "new": 660,
  "source": "https://www.limaone.com/rental/",
  "note": "Conflict resolved (pass 20c): the newest dated Lima One page with an STR-specific figure wins. The Short-Term Rental Loan box on the rental page (modified 2026-09-24) says 'Minimum FICO 660'. The older rental detail page (https://www.limaone.com/rental/detail/, modified 2026-05-05) and STR program page (https://www.limaone.com/short-term-rental-loans/, modified 2025-08-28) still say 'Minimum FICO 700'."
 },
 {
  "date": "2026-10-22",
  "lender_id": "visio-lending",
  "lender": "Visio Lending",
  "field": "prepay",
  "old": "5/4/3/2/1 step-down described",
  "new": null,
  "source": "https://visiolending.com/dscr-loans/",
  "note": "Correction: blanked. The only 5/4/3/2/1 on visiolending.com is a general FAQ explainer of 'common' DSCR prepayment structures ('may vary by lender'), listed next to 3/2/1 and fixed penalties. It is not stated as Visio's own loan term, and no Visio page checked today (STR guide, lending process, home, DSCR, 85% LTV, long-term and cash-out guides) states one."
 },
 {
  "date": "2026-10-22",
  "lender_id": "lendmire",
  "lender": "Lendmire",
  "field": "max_ltv_cashout",
  "old": 75,
  "new": 70,
  "source": "https://www.lendmire.com/market-data-report-requirements-for-str-loans/",
  "note": "Correction (STR-specific figure wins): the STR text caps STR cash-out 'closer to 70%'. The 75% came from the same page's general 'Current DSCR Standards' sidebar ('Max LTV (cash-out): 75%'). The 70% wording was already on the page at the 2026-10-19 check, so this fixes an earlier-pass error, not a page change."
 },
 {
  "date": "2026-10-22",
  "lender_id": "griffin-funding",
  "lender": "Griffin Funding",
  "field": "max_ltv_cashout",
  "old": 80,
  "new": 75,
  "source": "https://griffinfunding.com/blog/dscr-loans/dscr-loan-for-airbnb/",
  "note": "Correction (STR-specific figure wins): Griffin's STR terms table caps STR cash-out at 75%. The 80% is the general DSCR page's figure ('Cash-out up to 80% LTV', https://griffinfunding.com/non-qm-mortgages/dscr-loans/). The 75% STR line was already present on 2026-10-19, so this fixes an earlier-pass miss."
 },
 {
  "date": "2026-10-22",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "first_time_investor",
  "old": true,
  "new": null,
  "source": "https://admortgage.com/wp-content/uploads/DSCR_Matrix_Oct_16_2026.pdf",
  "note": "Correction: blanked. AD publishes no first-time-investor rule; the earlier 'Yes' rested on 'First-time homebuyers allowed' (a first-time homebuyer rule), and both the DSCR matrix (updated 08/28/2026) and the 09/24/2026 guidelines say first-time homebuyers may not use short-term rentals."
 },
 {
  "date": "2026-10-22",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "reserves",
  "old": "3 months; cash-out proceeds can be used as reserves",
  "new": "3 months PITIA up to $1M; 6 months $1M-$2M; 12 months above $2M; cash-out proceeds can be used as reserves",
  "source": "https://admortgage.com/wp-content/uploads/DSCR_Matrix_Oct_16_2026.pdf",
  "note": "Correction: the DSCR page's 'We only require 3 months of reserves!' (https://admortgage.com/programs/dscr/, modified 2026-10-16) is the lowest tier only; AD's DSCR matrix (updated 08/28/2026) and 09/24/2026 guidelines tier reserves by loan amount."
 },
 {
  "date": "2026-10-22",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "min_loan",
  "old": null,
  "new": 75000,
  "source": "https://admortgage.com/wp-content/uploads/DSCR_Matrix_Oct_16_2026.pdf",
  "note": "Gap-fill: not published on the pages checked in earlier passes; AD's DSCR matrix (updated 08/28/2026) gives the program-wide DSCR minimum (not STR-specific). Quote: \"Minimum: $75,000 Loan Amount Max: $3,000,000\""
 },
 {
  "date": "2026-10-22",
  "lender_id": "truss-financial-group",
  "lender": "Truss Financial Group",
  "field": "min_loan",
  "old": 100000,
  "new": null,
  "source": "https://trussfinancialgroup.com/",
  "note": "Correction: blanked. The $100,000 came from a general explainer on the 2026-10-18 home-page capture ('DSCR loans typically start at $100,000, with most lenders offering a maximum of $2 million to $5 million'), which describes DSCR loans in general, not a Truss term. No Truss page states a minimum loan today."
 },
 {
  "date": "2026-10-22",
  "lender_id": "truss-financial-group",
  "lender": "Truss Financial Group",
  "field": "no_ratio",
  "old": null,
  "new": true,
  "source": "https://trussfinancialgroup.com/california-mortgage-lender/dscr-loans",
  "note": "Gap-fill: Truss's own 'Working with Truss Financial Group for DSCR Loans' section publishes a no-ratio option (25% equity). Quote: \"Standard DSCR requirement of 1.0; “no ratio” loans available with 25% equity and strong credit.\""
 },
 {
  "date": "2026-10-22",
  "lender_id": "easy-lending-usa",
  "lender": "Easy Lending USA",
  "field": "reserves",
  "old": null,
  "new": "6 months of the full payment after closing, on top of cash to close on a purchase",
  "source": "https://easylendingusa.com/programs/short-term-rental/",
  "note": "Gap-fill: reserves now published on the STR program page (modified 2026-10-14). Quote: \"Reserves: six months of the full payment after closing, on top of cash to close on a purchase.\""
 },
 {
  "date": "2026-10-22",
  "lender_id": "easy-lending-usa",
  "lender": "Easy Lending USA",
  "field": "fees",
  "old": null,
  "new": "Lender charges an underwriting fee of about $1,995 and origination of 0-3% (0% at the priced rate; 0.5-3 points to buy it down); $1,500 small-loan fee under $125,000. Easy Lending itself charges the borrower nothing (paid by the lender at closing).",
  "source": "https://easylendingusa.com/programs/short-term-rental/",
  "note": "Gap-fill: fees now published on the STR program page (figures stated as 'about'). Quote: \"On this program the lender charges an underwriting fee of about $1,995 and origination of 0% to 3% — zero if you take the rate as priced, or 0.5 to 3 points to buy it down. Loans under $125,000 carry a $1,500 small-loan fee. ... We charge you nothing. No application fee, no processing fee, no upfront fee of any kind. We are paid by the lender when the loan closes.\""
 },
 {
  "date": "2026-10-22",
  "lender_id": "logan-finance",
  "lender": "Logan Finance",
  "field": "reserves",
  "old": null,
  "new": "3 months for $150,000-$500,000 loans; 6 months for $500,001-$1,500,000 (the STR max loan); cash-out proceeds can be used as reserves",
  "source": "https://loganfinance.com/wp-content/uploads/logan-product-matrixes/open-road/LoganExperienceProductMatrixesOpenRoad-DSCR.pdf",
  "note": "Gap-fill: Open Road DSCR matrix 06/24/2026 reserve tiers up to the $1.5M STR max loan (the 12-month tiers apply only above $1.5M or below 1.00 DSCR, which STR loans can't use). Matrix also says 'Cash Out Used as Reserves Allowable'. Quote: \"Reserves $150,000 – $500,000 3 Months $500,001 – $1,000,000 6 Months $1,000,001 – $1,500,000 6 Months\""
 },
 {
  "date": "2026-10-22",
  "lender_id": "lendmire",
  "lender": "Lendmire",
  "field": "reserves",
  "old": null,
  "new": "None under $1.5M at 70% LTV or less; up to 9 months otherwise (general DSCR standard across its primary wholesale partners, not STR-specific)",
  "source": "https://www.lendmire.com/market-data-report-requirements-for-str-loans/",
  "note": "Gap-fill: from the page's 'Current DSCR Standards' sidebar ('Updated October 19, 2026 · Standard programs across primary wholesale partners'); general DSCR, same basis as the record's 620 FICO. Quote: \"Reserves: None under $1.5M at ≤70% LTV; up to 9 months otherwise\""
 },
 {
  "date": "2026-10-22",
  "lender_id": "lima-one-capital",
  "lender": "Lima One Capital",
  "field": "notes",
  "old": "Figures are for the Short-Term Rental Loan. Standard rental loan: 660 FICO, 1.0 min DSCR, up to 80%/75% LTV, $100K-$2.5M, no investment-experience requirement for SFR rental loans. Min DSCR conflict (resolved 2026-10-20, STR-specific rule wins): the Short-Term Rental Loan box on Lima One's rental detail page says '1.3+ DSCR' (https://www.limaone.com/rental/detail/, modified 2026-05-05). The 1.0 figures on the rental pages are for the general rental/DSCR loan, not STR: 'Depending on the borrower’s experience and the property's attractiveness, the minimum DSCR is 1.0' (https://www.limaone.com/rental/detail/) and 'A property must have at least a 1.0 DSCR ratio' (DSCR FAQ, https://www.limaone.com/rental/, modified 2026-09-24). The dedicated STR page (https://www.limaone.com/short-term-rental-loans/) does not state a minimum DSCR. Min FICO conflict (resolved 2026-10-20, newest STR-specific source wins): the Short-Term Rental Loan box on https://www.limaone.com/rental/ (modified 2026-09-24) says 'Minimum FICO 660'. Two older pages still say 700 for the STR loan: the Short-Term Rental Loan box on https://www.limaone.com/rental/detail/ (modified 2026-05-05: '1.3+ DSCR / Minimum FICO 700') and the STR program page https://www.limaone.com/short-term-rental-loans/ (modified 2025-08-28: 'Minimum FICO 700').",
  "new": "Figures are for the Short-Term Rental Loan. Standard rental loan: 660 FICO, 1.0 min DSCR, up to 80%/75% LTV, $85K-$2.5M, no investment-experience requirement for SFR rental loans. Min DSCR conflict (resolved 2026-10-20, STR-specific rule wins): the Short-Term Rental Loan box on Lima One's rental detail page says '1.3+ DSCR' (https://www.limaone.com/rental/detail/, modified 2026-05-05). The 1.0 figures on the rental pages are for the general rental/DSCR loan, not STR: 'Depending on the borrower’s experience and the property's attractiveness, the minimum DSCR is 1.0' (https://www.limaone.com/rental/detail/) and 'A property must have at least a 1.0 DSCR ratio' (DSCR FAQ, https://www.limaone.com/rental/, modified 2026-09-24). The dedicated STR page (https://www.limaone.com/short-term-rental-loans/) does not state a minimum DSCR. Min FICO conflict (resolved 2026-10-20, newest STR-specific source wins): the Short-Term Rental Loan box on https://www.limaone.com/rental/ (modified 2026-09-24) says 'Minimum FICO 660'. Two older pages still say 700 for the STR loan: the Short-Term Rental Loan box on https://www.limaone.com/rental/detail/ (modified 2026-05-05: '1.3+ DSCR / Minimum FICO 700') and the STR program page https://www.limaone.com/short-term-rental-loans/ (modified 2025-08-28: 'Minimum FICO 700').",
  "source": "https://www.limaone.com/rental/",
  "note": "Correction (notes; standard non-STR rental loan size): newest official source wins. /rental/ (modified 2026-10-21) says 'Loans from $85k to $2.5M'; the older /rental/detail/ (2026-05-05) still says 'Loans from $100K to $2.5M'."
 },
 {
  "date": "2026-10-22",
  "lender_id": "quickline-capital",
  "lender": "Quickline Capital",
  "field": "notes",
  "old": "States no experience requirement. Lends on 1-4 family, condos and townhomes valued $100K+ anywhere in the 50 states.",
  "new": "States no experience requirement. Lends on 1-4 family, condos and townhomes; STR loans $100K-$2M, offered across all 50 states per its STR page.",
  "source": "https://quicklinecapital.com/short-term-rental-loans/",
  "note": "Correction (notes): no Quickline page says 'valued $100K+' any more; $100,000 is the STR minimum loan amount ('Loan Amounts $100,000 - $2,000,000'). Its general DSCR page lists 'Minimum Property Value $115,000 as-is appraised value'."
 },
 {
  "date": "2026-10-22",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "notes",
  "old": "DSCR below 1 requires 680 FICO (or no FICO) and excludes condos/condotels. First-time homebuyers allowed up to 70% CLTV. Broker/partner channel.",
  "new": "DSCR below 1 requires 680 FICO (or no FICO) and excludes condos/condotels. First-time homebuyers are allowed on DSCR generally (max 70% CLTV) but not on short-term rentals. Broker/partner channel.",
  "source": "https://admortgage.com/wp-content/uploads/DSCR_Matrix_Oct_16_2026.pdf",
  "note": "Correction (notes): the DSCR matrix (updated 08/28/2026) and 09/24/2026 guidelines say first-time homebuyers may not use short-term rentals ('Short-term rentals are not allowed')."
 },
 {
  "date": "2026-10-22",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "states_note",
  "old": "Licensing page lists 49 states + DC (not Hawaii). DSCR footprint is not itemized separately.",
  "new": "Licensing page lists 49 states + DC (not Hawaii). AD's DSCR matrix (updated 08/28/2026) lists 'Excluding HI, MD, VI' under state exclusions (more for unlicensed investment loans), and its 09/24/2026 guidelines prohibit short-term rentals in Vermont and in Kings, Queens, New York, Bronx and Richmond counties, NY (condotels excepted).",
  "source": "https://admortgage.com/wp-content/uploads/DSCR_Matrix_Oct_16_2026.pdf",
  "note": "Added the DSCR state exclusions and STR-prohibited areas AD now publishes; coverage type unchanged."
 },
 {
  "date": "2026-10-22",
  "lender_id": "truss-financial-group",
  "lender": "Truss Financial Group",
  "field": "str_income_detail",
  "old": "DSCR page says DSCR loans work for short-term rentals and Airbnb properties and notes most lenders require a higher DSCR (1.5+) for them.",
  "new": "Truss's California DSCR page says its DSCR loans allow short-term rentals; how STR income is counted is not published.",
  "source": "https://trussfinancialgroup.com/california-mortgage-lender/dscr-loans",
  "note": "Correction: the '1.5+ DSCR for STRs' claim is on no Truss page today; it came from a general DSCR explainer on the 2026-10-18 home-page capture, not a Truss term. Truss's own section says 'Allows short-term rentals, LLCs, trusts, and non-warrantable condos.'"
 },
 {
  "date": "2026-10-22",
  "lender_id": "griffin-funding",
  "lender": "Griffin Funding",
  "field": "notes",
  "old": "No minimum DSCR; no-ratio program up to 75% LTV with 700+ FICO. 15% down (85% LTV) requires 740+ credit. Licensed in 47 states + DC; originates DSCR in all 50 + DC. First-time investors must own their primary residence (per its New York DSCR page).",
  "new": "No minimum DSCR; no-ratio program up to 75% LTV with 700+ FICO. 15% down (85% LTV) requires 740+ credit. Licensed in 47 states + DC; originates DSCR in all 50 + DC. First-time investors must own their primary residence (per its New York DSCR page). STR cash-out is capped at 75% LTV per its STR terms table (https://griffinfunding.com/blog/dscr-loans/dscr-loan-for-airbnb/); the general DSCR page allows cash-out up to 80%.",
  "source": "https://griffinfunding.com/blog/dscr-loans/dscr-loan-for-airbnb/",
  "note": "Noted the general-DSCR 80% cash-out alongside the STR 75% shown."
 },
 {
  "date": "2026-10-22",
  "lender_id": "lendmire",
  "lender": "Lendmire",
  "field": "notes",
  "old": "620 FICO is its stated general DSCR standard; 75% is its max STR purchase LTV (general DSCR purchase: 85%). Sub-1.00 and no-ratio options are through select lenders in its network.",
  "new": "620 FICO is its stated general DSCR standard; 75% is its max STR purchase LTV (general DSCR purchase: 85%). Sub-1.00 and no-ratio options are through select lenders in its network. STR cash-out shown as 70%: its STR text says cash-out refinances 'top out closer to 70%', while the page's general DSCR sidebar says 'Max LTV (cash-out): 75%'. The STR text also says most network programs want a 640+ credit score on STR files.",
  "source": "https://www.lendmire.com/market-data-report-requirements-for-str-loans/",
  "note": "Noted the general-DSCR 75% cash-out and the 640+ STR credit remark alongside the values shown."
 },
 {
  "date": "2026-10-22",
  "lender_id": "defy-mortgage",
  "lender": "Defy Mortgage",
  "field": "notes",
  "old": "STR figures (720 credit, 1.15 min DSCR, 75% max LTV, no STR income below 1.00 DSCR, Property Guard report) come from Defy's wholesale (TPO) DSCR guide, which is STR-specific; its consumer pages give general DSCR figures (640 credit, 0.75 DSCR, 85% / 80% LTV). STR purchases require documented STR management or operator experience in the last 12 months. Max loan conflict: the TPO guide says 'Max Loan: $2.5M' (https://defytpo.com/best-wholesale-dscr-lender) while the consumer DSCR page says 'No Hard Maximum Loan Limit' (https://defymortgage.com/non-qm-loans/dscr-loans/); the more conservative $2.5M is shown. Does not lend DSCR in OR, ID, NV, UT, AZ, ND, SD, MN, MI, VT, AK (39 states + DC). First-time investor is shown as No: STR purchases require 12 months of STR management or operator experience per the TPO guide (https://defytpo.com/best-wholesale-dscr-lender); the consumer site's 'First deal or fiftieth' is general DSCR, and the STR rule wins.",
  "new": "STR figures (720 credit, 1.15 min DSCR, 75% max LTV, no STR income below 1.00 DSCR, Property Guard report) come from Defy's wholesale (TPO) DSCR guide, which is STR-specific; its consumer pages give general DSCR figures (640 credit, 0.75 DSCR, 85% / 80% LTV). STR purchases require documented STR management or operator experience in the last 12 months. Max loan conflict: the TPO guide says 'Max Loan: $2.5M' (https://defytpo.com/best-wholesale-dscr-lender) while the consumer DSCR page says 'No Hard Maximum Loan Limit' (https://defymortgage.com/non-qm-loans/dscr-loans/); the more conservative $2.5M is shown. Does not lend DSCR in OR, ID, NV, UT, AZ, ND, SD, MN, MI, VT, AK (39 states + DC). First-time investor is shown as No: STR purchases require 12 months of STR management or operator experience per the TPO guide (https://defytpo.com/best-wholesale-dscr-lender); the consumer site's 'First deal or fiftieth' is general DSCR, and the STR rule wins. State-list conflict (unresolved, list unchanged): the consumer pages (https://defymortgage.com/dscr-loan-rates/, modified 2026-10-13) exclude MI and say 39 states + DC, but the undated wholesale guide (https://defytpo.com/best-wholesale-dscr-lender) lists 'AK, AZ, ID, MN, MT, ND, NV, SD, OR, UT, VT' as ineligible (MT instead of MI) and elsewhere also excludes DC. Neither is STR-specific; the newer dated consumer list is shown.",
  "source": "https://defytpo.com/best-wholesale-dscr-lender",
  "note": "Noted conflicting state exclusions on Defy's own pages (consumer list kept as the newest dated source)."
 },
 {
  "date": "2026-10-22",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "str_income_method",
  "old": "Projection",
  "new": "Either",
  "source": "https://retail.thelender.com/str",
  "note": "Correction: theLender publishes both bases. Retail STR page: 'Support may include an appraiser-prepared rent schedule or STR analysis, 12 months of third-party rental history, or 12 months of bank statements supported by rental records.' theNONI matrix 09.01.26 (https://wholesale.thelender.com/wp-content/uploads/2026/08/theNONI_09.01.26E.pdf): '(Gross Rents x .80) divided by PITIA or ITIA for I/O = DSCR'; AirDNA Rentalizer 'Only allowed for purchase transactions'. Updated in data/str_rules.json."
 },
 {
  "date": "2026-10-22",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "str_income_detail",
  "old": "STR investor loans qualify on rent potential and property cash flow using property-level data and rental analysis.",
  "new": "12-month history: 12 months of third-party rental history, or 12 months of bank statements backed by rental records; 20% expense factor (actual expenses if higher). Projection: Appraiser STR rent schedule/analysis, or AirDNA Rentalizer on purchases only; 20% expense factor.",
  "source": "https://wholesale.thelender.com/wp-content/uploads/2026/08/theNONI_09.01.26E.pdf",
  "note": "Correction: now states the published 80% factor (20% expense factor, actual expenses if higher) for both 12-month history and projections."
 },
 {
  "date": "2026-10-22",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "sources",
  "old": "theNONI matrix 12.24.25",
  "new": "theNONI matrix 09.01.26",
  "source": "https://wholesale.thelender.com/wp-content/uploads/2026/08/theNONI_09.01.26E.pdf",
  "note": "theLender published a newer theNONI matrix. Min FICO 620, first-time investor allowed (680+ FICO) and the reserve tiers shown are the same in both."
 },
 {
  "date": "2026-10-22",
  "lender_id": "ad-mortgage",
  "lender": "A&D Mortgage",
  "field": "sources",
  "old": "Non-QM Loan Eligibility Guidelines effective 07.01.2026",
  "new": "Non-QM Loan Eligibility Guidelines effective 09.24.2026",
  "source": "https://admortgage.com/wp-content/uploads/Non-QM-Loan-Eligibility-Guidelines_9_24_2026.pdf",
  "note": "AD published newer guidelines. The DSCR short-term rent section (75% of STR income; AirDNA/1007 STR estimate on purchases only) is unchanged."
 },
 {
  "date": "2026-10-22",
  "lender_id": "acra-lending",
  "lender": "Acra Lending",
  "field": "prepay",
  "old": "1-5 year options (fixed or 5/4/3/2/1 step-down) or no prepay (cited quote covered only the 5-year line)",
  "new": "1-5 year options (fixed or 5/4/3/2/1 step-down) or no prepay (cited quote now covers every structure, including \"No Prepay\")",
  "source": "https://api.acralending.com/uploads/DSCR_Program_Summary_2_02_2026_v1_1_1_ffc2a85bdc.pdf",
  "note": "Re-checked the no-prepay claim against Acra's own DSCR Program Summary (Version 2.02.2026 V1.1, page 5). Its \"Prepayment Penalty Structures\" list ends with \"No Prepay\" after the 5-, 4-, 3-, 2- and 1-year options, so the option stays. The PDF also lists state buy-out rules (e.g. Maryland: \"BUY-OUT all loans\")."
 },
 {
  "date": "2026-10-22",
  "lender_id": "thelender",
  "lender": "theLender",
  "field": "reserves",
  "old": "theNONI/theNearNONI reserve tiers (cited quote covered only the \"≤ $1,000,000 Loan Amount\" heading)",
  "new": "theNONI/theNearNONI reserve tiers (cited quote now covers every tier: 0/3 months up to $1M, 3/6 months over $1M)",
  "source": "https://wholesale.thelender.com/wp-content/uploads/2026/08/theNONI_09.01.26E.pdf",
  "note": "Re-checked the reserves months against theLender's own theNONI matrix 09.01.26E (page 5, Reserves row). Values unchanged. Its retail STR page agrees: \"Reserve requirements range from 0 to 6 months of the housing payment based on loan amount and purpose.\""
 }
]