Short Term Rental Refi

[Jesse Imes]

Hi!

I am currently looking for the best STR refi lender for 6 STR homes. The homes are singles and doubles. Market value for each home after reno is 175-200k. All homes will cash flow at least 40k-60k per year in popular Airbnb location. Looking for the following:

- At least 80% LTV

- Quick closing

- Appraisal mix of income/residential approach

- Take historical income from existing portfolio for newly finished homes

Thank you for any recommendations!

Jesse

[Adam Windham]

@Jesse Imes echoing what other have said here, the value is going to be based off of sales comps rather than a cap rate on the potential income. You can however use the projected short term rental income to underwrite the DSCR and approved the loans. Depending on the location, 80% LTV as a Rate & Term refi should be no problem and 80% as a cash out is possible but would depend on the other deal factors. Hope that helps!