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Updated about 2 hours ago on . Most recent reply

Chad Edwardson's profile image
Chad Edwardson's profile image
Chad Edwardson
  • Member since Nov 14, 2024
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11
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Chad Edwardson's profile image
Chad Edwardson's profile image
Chad Edwardson
  • Member since Nov 14, 2024
Connect
Chad Edwardson
5
Votes |
11
Posts
Private Lending & Conventional Mortgage Advice

Need financing for Rural New Construction of a STR

Chad Edwardson
Posted

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.

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How can I obtain financing for rural new construction of a short-term rental property?
You may be able to refinance with a DSCR loan at 75% LTV if you have a certificate of occupancy and sufficient STR income history.
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