STR APPRAISAL VALUE FALLING SHORT

[Mya Toohey]

Hello all,

I recently had this happen, I have a client working with a great lender doing a DSCR loan. We paid at market value for the house and the value appraisal came back great.

Fast-forward to today- appraiser said the he hates STRs amd will not appraise value on DSCR using STR numbers only long term, which in this case tanked the the loan. So, we had to move to a bridge loan, lender said he could close it 3 days, mind you we found out appraisal value the day before last week. Is anyone else seeing this? I am in the Tampa Bay Florida area, specifically, this property in Saint Petersburg. Any recommendations for a good STR appraisal would be greatly appreciated.