Updated almost 4 years ago on . Most recent reply
Looking for financing options
I'm finishing up my MBA and won't have my W-2 salary until middle of May. I'm looking to get a mortgage based on projected rental income for a property, specifically for a short-term rental in the Nashville area. Where is the best place to go for a lender who does these types of loans?
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@Ryan Cummings - what you're referring to is known as a Debt Service Coverage Ratio (DSCR) loan. These generally required 20% down, plus evidence of 6 months PITI reserves. You'll find a number of lenders on the forum who offer these type loans (myself included). What you should know is that you can no longer get a permit for short-term rentals in Nashville unless you occupy the property (though there may be exceptions to this based on zoning/location). You can search the forums for more details, as there have been quite a few threads on STR's in Nashville.