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Updated about 1 year ago on . Most recent reply

Refi options for a six-unit STR
Hi,
I purchased a six-unit apartment and transformed it into a six-unit STR. It's a beautiful property with a pool, picnic benches, and grill stations, on 1/2 acre in a great part of town.
The appraisal shows that with the value I've added, there is significant equity growth.
The issue is that I am having a difficult time finding a lender who will help me REFI out of my hard money loan. If it was 1-4 units, there are programs. If it was a SFH, we could do it. The issue is that it is considered commercial and most banks now will not lend on STR.
Can someone point me in the right direction of who I should contact or where I should explore?
Thanks!
Most Popular Reply

There should be DSCR options for lenders that can go up to 10 units and do STRs.