DSCR Loan on a STR Requires Min 6 Month Leases in Closing Docs

[Jason Lindenberg]

I just went through a LONG process to get a DSCR Loan on a MTR/STR property in Charlotte, NC (the hold up was finding an appraiser that would do the STR income appraisal). It finally got approved, however reading over the loan documents, I found that I had to agree to have a minimum of 6 lease terms. The lender said this was standard language, but they don't enforce it..however they refused to remove it. Sorry...but not signing something that could be enforced in the future that goes against my business model. The lender knew this was a MTR/STR property from the beginning and required the STR income appraisal to approve the loan.

Now I am 5 months down the road and spent well over $1,000 in appraisals.   Has anyone had a similar situation?   Any advice?

Any recomendations for a lender that can do a 75-80% LTV DSCR loan on a property owned for 2 years, but only has 5 months of rental history (only had a week and a half total vacancy since it went live in March)?  Oh, and doesn't have a 6 month lease requirement in their contract for a loan on an STR!!!! Income is well aboce DSCR requirements (both the appraisal and actuals).

Sorry, only looking for recomendations from property owners that have used the lender they are recommending, not lender/broker solicitations.