DSCR Lender needed for condo short term rental

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    10mo

    @David Barrett feel free to reach out. I’ve gotten exceptions approved with similar scenarios.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    10mo

    Likely no. Most appraisers will take note of it on the report. If there are any structural issues, most lenders will want it fixed prior to closing. They may condition a 1004D. I am not sure which lender will allow an exception on a structurally unsound property, but it sounds highly unlikely.,.. 

    [email protected]818-269-7983
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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    10mo
    Quote from @David Barrett:

    ARe there any DSCR lenders that will close on a condo currently under structural renovations? we need to close the loan before the structural renovations are completed.


     You may instead want to use a bridge loan to rehab the property, or use outside funding to complete it. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    10mo
    Quote from @David Barrett:

    ARe there any DSCR lenders that will close on a condo currently under structural renovations? we need to close the loan before the structural renovations are completed.


     my recommendation would be get a bridge to dscr, and certain lenders will work with you to not charge points on each transaction if you go through them for both transactions.

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  • Jesse Cone
    Lender · NY · Member since 2025 · 17 posts · 7 votes
    10mo

    Let's connect I can assist you!

    0Reply
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