1031 Exchange Funding Vacation Rental
I am under contract to sell one of my rentals which I need to 1031 exchange into a property for over 700K. The problem I am having is that most my properties are vacation rentals and despite the fact that they all generate at least double of what a normal rental does for me traditional lenders will not give me a loan. The standard Fannie and Freddie guidelines won't count many of my rentals because most have less than 2 years of income and some have less than 1 and none have leases because they are less than 30 days. This brings my debt to income ratio to about 45%. So despite showing good income in the past and having bookings for months I can't get a loan by traditional methods and most hard money loans want to charge me over 10% and lock it in. Does anyone know of a possible solution?