STR refinance resources in WA and CA

6 Replies

Need some help fellow STR investors! Have 4 properties, one in WA, two in CA and one in TN. Trying to refi three of them (all but the TN property) and running into a road block that the lenders I'm coming across won't count the STR income so it's throwing the DTI off. Anyone have resources for lenders that can work in CA and WA and STR friendly? Thanks for your help!

@David VanWert Sorry to hear about your re-finance struggles. In the few STR refinances I have done in CA, I have never had a problem using schedule E and/or C for DTI calculations. I'm assuming you have owned these for multiple years so seems strange you are hitting roadblocks since you should have tax history to support the income.

@Brian Suit could you see if you can point David in the right direction maybe with some of your resources? 

Thanks! 

Originally posted by @David VanWert :

@Jon Crosby thanks for the insight.  The TN property we have is new only a few months old so I think that’s what is pushing it over the edge 

I was able to get around this once, but had to speak directly with the underwriter and explain that I was following the exact same business model as the other properties and that the expected revenue should tie to that. However, those properties were in the same area, so the fact the TN property is further away may be a problem.

Best of luck to you.  

Yes I could help. We're licensed in all 3 of those states and STR income can be used as long as there are filed taxes. The documentation for receipt of STR income year to date 2020 will need to be similar to 2019 tax returns as well to qualify though.