Who can help me finance my mortgage free AirBNB?
I'm looking to finance two short term rental properties both are currently owned free and clear.
Both properties are located inside a resort with lakefront property, however, we cannot pursue tradition financing due to a few restrictions that we have with our properties.
Here is what is important to know:
1. Our property is leased from the corps of engineers until 2052.
2. At one point other owners were able to find financing with local lenders, however, 3 years ago the company that ran the resort went into bankruptcy and several of the properties were foreclosed on. This has made the local lenders leery of lending on these properties again. Since that time, the owners have taken over and created an LLC that runs the resort. Most of the owners are now savy investors and we have cut costs and changed the business strategies and I'm happy to say that the resort is now thriving.
3. As of yet none of the newer owners (myself included) have been able to obtain financing for the properties. This has caused the value of each cottage to go way down. Currently, my two properties are worth $65k and $85K. This presents a problem as most lenders have a minimum and unless I can combine the two into one loan they do not meet the requirement. I believe that once financing is found the property values with go up substantially.
4. Last year our two-bedroom cottage grossed $35k. We had a few very large capital expenses that we needed to take care of $12k worth, but even with that our profit was $6k last year. We just purchased or the second cottage a few months ago but it is proving to be just as profitable. I also manage quite a few other cottages so I have access to the financials if needed.
Here is a link to our properties
https://www.airbnb.com/rooms/20067871?s=67&shared_item_type=1&virality_entry_point=1&sharer_id=80708294
https://www.airbnb.com/rooms/36357192?s=67&shared_item_type=1&virality_entry_point=1&sharer_id=80708294
Natalya, we can get you up to $300,000 using your business lines of credit. Anyway, If you are a real estate investor using your personal credit in your business, You need to stop and set up a LLC, establish one or use one we provide to start your credit line. Click the image below, and a video will explain what we do. Watch our video then click the link to apply to grow your business.
https://nationalcc.wufoo.com/forms/hamilton-investment-properties/
Natalya, maybe we can help, but we need to ask you a few questions so we need your email address. Is that alright with you? Hope to hear from you.
Reggie Truss/[email protected]
Alex unfortunately my credit is not over 720 at the moment. Ironically once we refinance and I'm able to pay off some other debts it will go up to over 720.
@Natalya Whitaker - we can help with long-term debt on Airbnb properties. Yes, most have a minimum property value (ours is $75k). But, we might can do a blanket loan. Please email us: [email protected]
if you send me an email at [email protected] i think i can help you my name is Damien i am a commercial mortgage broker and what you would need is a blanket loan
650 credit is all we need