Help financing rural property in East Tennessee
Hi all,
i have a property under contract in East TN. I'm looking to finance using DSCR and possible reno. Many lenders I've spoken with are saying they won't finance a property considered "rural". Can anyone suggest a lender who might not have a problem with that distinction?
Thanks
- Jordan
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- Nashville TN - Licensed in AL AR DC FL GA LA MD TN, TX and VA
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@Jordan Brauchler - the challenges in particularly rural areas are finding appraisers and appraisers finding comps. Can you provide more info on the property and your objectives (i.e. buy/hold or flip)?
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Lender Arkansas (#2110846), District of Columbia (#2110846), Florida (#2110846), Georgia (#2110846), Virginia (#2110846), Texas (#2110846), Tennessee (#2110846), Alabama (#2110846), Maryland (#2110846), and Louisiana (#2110846)
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Quote from @Reid Chauvin:
@Jordan Brauchler - the challenges in particularly rural areas are finding appraisers and appraisers finding comps. Can you provide more info on the property and your objectives (i.e. buy/hold or flip)?
My objective for this property is to flip it and 1031 into another. It's located in Greenville. I have it under contract for $103k. Contractor quote for reno is ~$50k. I have obtained an appraisal of $230k arv.
How many projects have you done in the past 3 years? We might have a solution for you.
- 262.955.5168
- https://barrettfinancial.com/lzwirlein
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Quote from @Lyndsay Zwirlein:
How many projects have you done in the past 3 years? We might have a solution for you.
@Lyndsay Zwirlein:
I currently have 2 long term rentals and 1 short term rental I purchased in June 2022. I also completed my first flip in 2021. Although, I prefer to buy and hold as a general rule, but the property currently under contract would finance other projects.