Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago on . Most recent reply

User Stats

12
Posts
4
Votes
Rahul Gupta
4
Votes |
12
Posts

Short term rental Hard Money Loans

Rahul Gupta
Posted

Good Morning!

I was wondering if anyone here had successfully used a hard money loan to finance an STR? If so, is there someone you recommend that services Twin Cities, Minnesota?

Also, please tell me if If there is a reason I should avoid them or if there is something better that I don't know about. I am looking at purchasing a turnkey property with a 30 year rental program.

Thank you so much!

Most Popular Reply

User Stats

1,256
Posts
1,277
Votes
Zach Edelman
  • Lender
  • Austin, TX
1,277
Votes |
1,256
Posts
Zach Edelman
  • Lender
  • Austin, TX
Replied

When you reference "Hard Money" are you referring to a fix and flip or bridge loan, or just non-QM? DSCR for STRs is commonly mislabeled under the "hard money" umbrella, when it's in fact a 30 yr fixed, fully amortizing loan (same structure as Conventional), with rates similar to conventional.

Also, is this acquisition a turnkey property, or one that needs work? If it's turnkey, and all your worried about is DTI, there are other good options for you other than "Hard Money" loans.

Loading replies...