Jumbo refinance in the Smokies

[Josh Good]

Anyone done a traditional jumbo refi lately? I have an STR in Eastern TN which I'm fairly confident has appreciated to over $1 mill and I want to pull out more than the conforming loan limit allows. I found a lender that will do a DSCR loan but the rates are high. Any recommendations?

[Nick Belsky]

@Josh Good

Conventional rates reached 4.99% for investments on Friday... haven't checked them today.  Without buying down points, I don't think you're going to find sub 5% anywhere right now for conventional.  That could always change.  

For private lending, there are still quite a few under 5%, provided your file lines up.  Pigeon Forge and Gatlinburg show under 5,000 population.  National lenders will be a challenge to find.  Local lenders on the other hand, love those areas... Since you are in Sevierville, you should be fine either way.  I always caution with local lenders though, often they throw in balloons, strange loan terms, etc... just be diligent, read, and ask questions!

Seems like there should be several options available to you up to 80LTV as well...

Cheers!