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Updated 3 days ago on . Most recent reply

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Jake S.
  • Rental Property Investor
  • Minnesota
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Condo Conversion DSCR loan or something similar

Jake S.
  • Rental Property Investor
  • Minnesota
Posted

Hi everyone! So I am working on a project where Im converting 2 condo units into one and then potentially selling or refinancing and renting it out via STR. Total process is a couple months.

My problem is that due to my taxable income the past couple years, conventional lending is a bit tough. 

Does anyone have any loan suggestions for me? Is there a DSCR that fits this? Bridge loans?

Id appreciate any and all advice on it as I need to lock in a loan/solid lender

Thank you!

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Robin Simon
#3 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
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Robin Simon
#3 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Austin, TX
Replied
Quote from @Jake S.:

Hi everyone! So I am working on a project where Im converting 2 condo units into one and then potentially selling or refinancing and renting it out via STR. Total process is a couple months.

My problem is that due to my taxable income the past couple years, conventional lending is a bit tough. 

Does anyone have any loan suggestions for me? Is there a DSCR that fits this? Bridge loans?

Id appreciate any and all advice on it as I need to lock in a loan/solid lender

Thank you!

DSCR should be a good option for this

@Jack Tulloch is a DSCR guy that does a lot of condo deals like this, he can likely help

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Harpoon Capital

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