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Updated almost 2 years ago,
Hard money into DSCR
Im currently working on a condo conversion project in Louisiana. 2 units into one. Im using a hard money loan and expect construction to be finished around April and closing to be 2/28. I then plan on having it be a short term rental.
Now, ive been hearing from many DSCR STR lenders that itll take a 6 month seasoning period to get 75% ARV. Was wondering if anyone had connections with lenders who could do it 3 months after closing at 75% ARV with a solid rate. I know rates with DSCR are 7-9% currently.
Id ideally like a cashout refi and am open to long term fixed and also interest only options. My credit is solid
I appreciate any and all referrals