All Forum Posts by: Tanner Lewis

Hey Daniel - why not qualify the deal with AirDNA? That's usually my easiest way to qualify a deal, and then only if it comes back very low I use a STR 1007 like your current lender.

If you want to look at rates and terms, just shoot me an email and we can connect. 

If you are running into DTI issues, I suggest looking into DSCR loans. You would just be using the property's income to qualify. It would just have to be non-owner-occupied and with a 20% done payment.

Yeah if you want a DSCR loan you cannot have a homestead exception at the same time. You would have to forfeit the homestead exemption.

Can you buy it conventionally, get the STR permit, and then refi DSCR? Would this make it work?

Hey Fiona - are you a foreign national, or a visa or green card holder? 

DSCR lending to a foreign national is doable, but we would need to jump through some hoops. Lending to a Nonpermanent or permanent resident is a bit easier.

Happy to take a look at your situation, shoot me a DM!

why not 1031 to avoid taxes? 

Just make sure to verify ARV with ADU comps. It is pretty common to do ADUs in the California markets, but just make sure you can refi out of the construction loan by increasing the ARV enough

I think you are concerned about seasoning requirements for cash-out refinances here. As long as you don't finance the acquisition, you can start on a delayed finance post closing. This is essentially a cash-out refinance post-closing. 

It looks like DSCR would be the best option if you recently renovated it and have it rented out/about to be rented. Conventional would work too, but you would have to wait at least a year on seasoning, DSCR is only 6 months. Happy to connect if you want to look at it as DSCR

I think there are bridge loans available for owner-occupied deals. I would reach out to a conventional lender/broker to see, I just do DSCR and hard money so my requirements are very different.

You are likely blending PMLs with HMLs here, most PMLs lend on a relationship basis and most HMLs underwrite the credit profile and risk of a deal. 

The find a lender tool is a great tool to find hard money and DSCR lenders!