Can you use a DSCR Loan to Finance a Development?

[Brandon Jack Reneau]

Hello, 

I'm looking to develop 7 acres that I have (Free and Clear) into a self storage facility (Mainly Parking, not much Real Property). Would I be able to use my Single Family LTR as collateral in a DSCR loan for construction? I'm 1099 and my Fiancé just financed another rental and I'm not sure if we would qualify for a traditional loan.

[Robin Simon]

Quote from @Brandon Jack Reneau:

Hello, 

I'm looking to develop 7 acres that I have (Free and Clear) into a self storage facility (Mainly Parking, not much Real Property). Would I be able to use my Single Family LTR as collateral in a DSCR loan for construction? I'm 1099 and my Fiancé just financed another rental and I'm not sure if we would qualify for a traditional loan.

You can use the SF LTR most likely as collateral for its own DSCR Loan (Cash-out refinance) for which the proceeds could then be used to fund the self storage development (business purpose)