Looking for a new construction lender for a luxury AirBnB in Harbert Michigan

[Andrew Pipkalejs]

We've been weeding through all the private and hard money lenders for a new construction AirBnB we plan on building in 2024 in Harbert Michigan. It seems every lender we talk to turns this project down because either the size of the land is too large (10.23 acres), the geographical location (wooded & secluded area), the size of the loan is too large ($1,350,000), we do not qualify traditionally with Debt to Income Ratio's, or they have outrageous rates and closing costs (12%-16% interest and $40k-$60k in closing costs). Looking for a lender who would be willing to take something like this on and continue to fund projects for us into the future. We plan on rolling this into a 30 year DSCR when completed and we plan on building 2 more homes in the same area in late 2024 to airbnb as well. We currently have one Airbnb that is doing phenomenal so we are trying to replicate this on a larger more luxurious scale. We also have an email list of over 300 renters that have stayed with us at our existing rental and we plan on sending out a mass email to all our past renters so we immediately book up as soon as this new rental is in operation. We also have permits and are ready to immediately start construction, all the improvements and utilities have been completed.

Land Cost: $205,000

Improvements: $100,000 (Completed) 

Current Land Value: $500,000

Horizontal & Vertical Construction Costs: $1,350,000

Completion Value: $2,100,000-$2,300,000