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Updated almost 2 years ago on . Most recent reply
Can you use a DSCR Loan to Finance a Development?
Hello,
I'm looking to develop 7 acres that I have (Free and Clear) into a self storage facility (Mainly Parking, not much Real Property). Would I be able to use my Single Family LTR as collateral in a DSCR loan for construction? I'm 1099 and my Fiancé just financed another rental and I'm not sure if we would qualify for a traditional loan.
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Robin Simon
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Robin Simon
#3 Private Lending & Conventional Mortgage Advice Contributor
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You can use the SF LTR most likely as collateral for its own DSCR Loan (Cash-out refinance) for which the proceeds could then be used to fund the self storage development (business purpose)