Are nonQM loans possible on STR

[Wanda Alderfer]

We are rehabbing a property we paid cash for. We should be done in six months and want to use it as a short term rental. Is it possible to get a non-QM loan without rental history or would we have to refinance the traditional way? I read that lenders don't like STR‘s and want to see at least 12 months rental history but maybe the trajectory of that is changing?

[Wanda Alderfer]

Thank you for all the reply's. I assumed the Non QM was a better way to go, since it was based on the asset and not my personal financials. (My credit score is excellent and I have no reason to not qualify for a bank refi, but if the pros and cons were about the same, I would rather not have to deal with getting all my tax docs, bank statements etc...together)

However, listening to all your advice has me thinking twice. We have about 6 months to go on this rehab and then we will rent it (Location: Montgomery County, PA). In the meantime, would getting a HELOC to fund the downpayment to purchase another place makes sense, or does anyone know of a better way to get downpayment money? (All our liquidity is tied up into this 1st deal for the next 6 months or until refinancing can occur)