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Updated almost 2 years ago,
Private Money Lending on STR Container Project
Not sure if this topic deserves to be in the STR thread or private lending thread but definitely need some help. Currently I'm working with a builder on a container home project near Table Rock Lake in Omaha, AR which is just south of Branson, MO about 20 minutes. The property is easiest to understand by checking out the renderings on the MLS with the address as: TBD SKYLINE DRIVE # LOT 2 OMAHA, AR 72662
I am having a hell of a time getting a bank to lend on this since there are no container home comps in the area. I've worked with a few local commercial lenders and a DSCR lender all saying the same issue. We've ran analysis on what comparable STRs in the area have done and we have very conservatively made assumptions and it looks strong. SO anybody have experience with container home projects & Lending? I'm looking for some recommendations of a private lender that would be down for this type of project. I understand that container homes are tough for banks to lend on, so please feel free to save your breath from adding that commentary to the thread. Thanks BP Community