Rural Property w/ ADU – Cash-Out Refi Needed
Hey BP fam – I’m working on a deal for a client looking to do a cash-out refinance on a unique rural property in Sanford, FL. It’s zoned A-1 agricultural, has a main SFR + a permitted ADU on-site and an RV.
Goal is to refi at 70-80% LTV, pay off a partner, and hold as a long-term rental. Property is rented with actual income of around $5,250/month (not including RV), with an appraisal in the $850K–$900K range.
Has anyone closed on a similar setup, or know a lender comfortable with this type of rural/ADU configuration?