Updated 2 months ago on . Most recent reply
Need financing for Rural New Construction of a STR
i have built two STR properties since 2021 and have a third one permitted and ready to build. I own the land outright and can build the property for 225k. I'm running into the fact that the property is classified as rural so none of the lenders I have spoken to will touch a rural new construction. The exit plan is to hold in a DSCR loan. Any insight would be appreciated.
Most Popular Reply
Are you working with a mortgage broker on this? You simply need the right lending resources. Rural does add a layer of difficulty but many lenders will not be concerned based on your experience, comps, and the overall numbers. If your other experience is also in the same market, that is a compensating factor as well.
Would be happy to dig into this with you to see what resources we have that may be able to help.
Cheers!
- Nick Belsky
- [email protected]
