Hi all,

I live in FL (primary home), and we have a STR property (that our family uses a lot as well) in Banner Elk, NC. We bought this property last September.

I'm looking at purchasing an additional STR property, also in the High Country. This will also be a combo investment / personal use home.

I have around ~10 - 15% of the estimated purchase price of the 2nd STR property available in liquid funds (towards a down payment) and a HELOC on Primary home which could cover the balance of down payment up to 20 or even 30% if necessary. It should cash flow positive with a cap rate around ~9% (conservative estimates, could be as high as 13 / 14%, not including principal paydown).

Anyway. I'm trying to figure out financing for this 2nd property. I've called a few lenders and have hit a few walls. Some are tight on DTI because they won't count income from our 1st STR until we have had it for 2 years (even though I have 5 years of rental income history from previous owner). Other lenders are saying that investment property products are only 15 year loans (which affect cash flow, so not preferable). I think this may be because I've been going through and looking at conventional loans and I need someone who specializes in commercial loans.