Looking for a cash STR DSCR loan to replace my renovation loan

Member since 2019 · 7 posts · 2 votes

I am in dire search for a nicer - termed loan to replace my current Renovation loan. The property is finished and making a lot of money through the Six short-term rental units that I have created. It’s been up and running since January making approximately $20,000 per month. This is a single-family home yet. I have a. Where it operates at six individual units with six entrances, sort of like a mini resort, and it is in the heart of a very popular vacation rental area of Fort Lauderdale. I’m at the end of my Cash and I’m needing something quick. If anyone has any suggestions, I would greatly appreciate the advice. Thanks.!

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Mike GrudzienPro Member

Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes

What are the numbers?
Present your business case.
"making approximately $20,000 per month", and your costs? current loan? current ask? end goal?

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Mike GrudzienPro Member
Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
1y
What are the numbers?
Present your business case.
"making approximately $20,000 per month", and your costs? current loan? current ask? end goal?

1 Reply
- Leon Daquin
  OP
  Member since 2019 · 7 posts · 2 votes
  1y
  Quote from @Mike Grudzien:
  
  What are the numbers?
  Present your business case.
  "making approximately $20,000 per month", and your costs? current loan? current ask? end goal?
  
  HI Mike,
  Sorry for such late response. I will attach the expenses and conservative projection for the property over a 12 month period. My problem right now is that I have put all of my cash into the renovation and I am scraping by until I can get rid of this 12% interest, renovation loan and regain some of the cash that I put into the project. My credit score has dropped significantly over the last month because of being so stretched. Do you have a lender that works with people Like myself that is in a temporarily tight position? Any help would be greatly appreciated.
  Thank You,Lee Daquin
  0 Reply
- Mike GrudzienPro Member
  Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
  1y
  Quote from @Leon Daquin:
  
  Quote from @Mike Grudzien:
  
  What are the numbers?
  Present your business case.
  "making approximately $20,000 per month", and your costs? current loan? current ask? end goal?
  
  HI Mike,
  Sorry for such late response. I will attach the expenses and conservative projection for the property over a 12 month period. My problem right now is that I have put all of my cash into the renovation and I am scraping by until I can get rid of this 12% interest, renovation loan and regain some of the cash that I put into the project. My credit score has dropped significantly over the last month because of being so stretched. Do you have a lender that works with people Like myself that is in a temporarily tight position? Any help would be greatly appreciated.
  Thank You,Lee Daquin
  Lee,
  I don't know anyone at the moment, but you'll probably find someone here on BP!
  0 Reply
Brandon Croucier
Lender · Nashville, TN · Member since 2024 · 700 posts · 284 votes
1y
I've done a few similar properties like this, it's all permitted & legal correct?
0 Reply
Devin PetersonBusiness Member
Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
1y
Quote from @Leon Daquin:

I am in dire search for a nicer - termed loan to replace my current Renovation loan. The property is finished and making a lot of money through the Six short-term rental units that I have created. It’s been up and running since January making approximately $20,000 per month. This is a single-family home yet. I have a. Where it operates at six individual units with six entrances, sort of like a mini resort, and it is in the heart of a very popular vacation rental area of Fort Lauderdale. I’m at the end of my Cash and I’m needing something quick. If anyone has any suggestions, I would greatly appreciate the advice. Thanks.!
How is the property zoned and permitted? SFH or 6 units? Are there comps in the area that have a similar structure as this?
[email protected]860-538-3672
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Kyle DeutschmannPro Member
Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
1y
Quote from @Leon Daquin:

I am in dire search for a nicer - termed loan to replace my current Renovation loan. The property is finished and making a lot of money through the Six short-term rental units that I have created. It’s been up and running since January making approximately $20,000 per month. This is a single-family home yet. I have a. Where it operates at six individual units with six entrances, sort of like a mini resort, and it is in the heart of a very popular vacation rental area of Fort Lauderdale. I’m at the end of my Cash and I’m needing something quick. If anyone has any suggestions, I would greatly appreciate the advice. Thanks.!

Awesome deal! $20k/month is great cash flow for one property. Happy to chat and see if I can help.
[email protected]
0 Reply
- Leon Daquin
  OP
  Member since 2019 · 7 posts · 2 votes
  1y
  Quote from @Kyle Deutschmann:
  
  Quote from @Leon Daquin:
  
  I am in dire search for a nicer - termed loan to replace my current Renovation loan. The property is finished and making a lot of money through the Six short-term rental units that I have created. It’s been up and running since January making approximately $20,000 per month. This is a single-family home yet. I have a. Where it operates at six individual units with six entrances, sort of like a mini resort, and it is in the heart of a very popular vacation rental area of Fort Lauderdale. I’m at the end of my Cash and I’m needing something quick. If anyone has any suggestions, I would greatly appreciate the advice. Thanks.!
  
  Awesome deal! $20k/month is great cash flow for one property. Happy to chat and see if I can help.
  Hi Kyle,
  Sorry for such late response. I will attach the expenses and conservative projection for the property over a 12 month period. My problem right now is that I have put all of my cash into the renovation and I am scraping by until I can get rid of this 12% interest, renovation loan and regain some of the cash that I put into the project. My credit score has dropped significantly over the last month because of being so stretched. Do you have a lender that works with people Like myself that is in a temporarily tight position? Any help would be greatly appreciated.
  
  Thank You,Lee Daquin
  
  0 Reply
- Leon Daquin
  OP
  Member since 2019 · 7 posts · 2 votes
  1y
  Quote from @Leon Daquin:
  
  Quote from @Kyle Deutschmann:
  
  Quote from @Leon Daquin:
  
  I am in dire search for a nicer - termed loan to replace my current Renovation loan. The property is finished and making a lot of money through the Six short-term rental units that I have created. It’s been up and running since January making approximately $20,000 per month. This is a single-family home yet. I have a. Where it operates at six individual units with six entrances, sort of like a mini resort, and it is in the heart of a very popular vacation rental area of Fort Lauderdale. I’m at the end of my Cash and I’m needing something quick. If anyone has any suggestions, I would greatly appreciate the advice. Thanks.!
  
  Awesome deal! $20k/month is great cash flow for one property. Happy to chat and see if I can help.
  Hi Kyle,
  Sorry for such late response. I will attach the expenses and conservative projection for the property over a 12 month period. My problem right now is that I have put all of my cash into the renovation and I am scraping by until I can get rid of this 12% interest, renovation loan and regain some of the cash that I put into the project. My credit score has dropped significantly over the last month because of being so stretched. Do you have a lender that works with people Like myself that is in a temporarily tight position? Any help would be greatly appreciated.
  
  Thank You,Lee Daquin
  
  0 Reply

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