All Forum Posts by: Michael Cesario
Michael Cesario has started 2 posts and replied 3 times.
Post: New Construction STR Loan
- Posts 3
- Votes 1
@Wendy Carpenter I was able to work with my previous lender who did my new construction second home loan where the new loan is considered an investment loan which uses the projected long term rental, and not STR. This was enough to get qualified for it.
Post: New Construction STR Loan
- Posts 3
- Votes 1
Hi, I am looking for creative ways to finance a new construction home intended for STR use. I'm aware of DSCR loans that could factor in future potential STR income based on the area, but haven't found a lender that could help with funding the construction as well. I own the land fully and have all required permits to build. My contractor has worked with banks before for submitting necessary docs re: desc of materials, cost breakdowns, and builder/buyer contract.
My W2 income is not enough to fund this project. Are there lenders in WA who I could work with to get this funded or other strategies I look for?
Looking at purchasing land for cabin development (< 1k sqft) and noticed not much is listed publicly. I see thru redfin/zillow many undeveloped lots that would be suitable for what I want and not sure how I can contact owners to try and make an offer.
TIA