Destin STR financing

[Mariah Myers]

Good morning! I'm trying to close on a DSCR property for STR in Destin, Fl. My down payment has gone from 20-30% and appraisal focused on cash flow income to appraisal on long term rent.

I would appreciate any help brainstorming finance options, particularly if anyone knows a good brocket/lender. 

Thanks so much in advance!

[Mariah Myers]

Hi, Nick,

I appreciate your response. It went up to 25 just over a week and ago and to 30 on Tuesday. I think lenders are really tightening up the reins and need more security with huge DSCR companies going bankrupt. Less funding is coming in to support lenders' DSCR loans.

With a lot of research, I have found a direct, local  lender that will do the 20% down at 7.85% with 1.67 points paid down. Looking promising. Thank goodness!