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Updated almost 3 years ago on . Most recent reply
STR cash out Financing >6 months from purchase <12 month history
So. I want to get cash out of my STR and buy another STR. I paid cash (600) and I am past the 6-month window for delayed financing. The property rental history is only 2 months. I think the only solution at this point would be taking a bridge loan using the property as collateral until I can get a DSCR in place with 12 months of rental history. Are there other paths that I can consider?
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Quote from @Dave Aheimer:
So. I want to get cash out of my STR and buy another STR. I paid cash (600) and I am past the 6-month window for delayed financing. The property rental history is only 2 months. I think the only solution at this point would be taking a bridge loan using the property as collateral until I can get a DSCR in place with 12 months of rental history. Are there other paths that I can consider?
Temple View Capital will lend on STRs with no rent history, based on Airdna projections. DSCR financing.
They're not the easiest to work with, but they're an option for you.