Closing on my $2M fund - looking for leverage

[David M.]

Hi everyone,

We are a brand new fund that will soon close our small $2M capital call to buy Single-Family homes in the $250K-400K range in Indiana. Will be running short-term rentals. Already run 300+ nationally but as a separate entity. 

We are looking for a long-term lending partner who has experience in the STR space. We plan to buy in other markets eventually with fund #2 (in the $20M range).

We intend to buy with cash for quick-closes and then do cash-out refis as fast as possible but would prefer doing an LOC or blanket portfolio loan and cross-collateralizing. Given these are short-term rentals, there will be no rent rolls and they are not pre-leased. Looking for 75-80% LTV with no recourse and no PG. We are covering debt service costs by 4-6x historically (already own 8 homes in Indy in aforementioned buybox).

Curious if anyone has any lender recommendations comfortable in this vertical - happy to jump on a call with anyone to chat further. 

Thanks!