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Updated over 3 years ago on . Most recent reply

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Chris Rowe
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Financing 7 acres with a double-wide for STR

Chris Rowe
Posted

I have 3 healthy STRs in a popular lake community that draws about 6M visitors per year. My most popular STR is a manufactured home as a cabin in the middle of dozens of acres of forest, which I paid cash for back before things skyrocketed. I now have an off-market deal I'm looking at: a 7-acre property in the same area, with a larger, double-wide manufactured home, about 5-10 years old, and the price is well below comps in this market. I don't think I can count on a conventional loan. I just began studying commercial lending, and wondering if that's an option. If I can show how popular STR is in this area, even with mobile homes, can I find a commercial loan for the 7 acres and the house, based on the expected rental income?

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