Cash-out Refi on Condo-tel

[Brandon Beaudoin]

Hello BP fam!

My wife and I closed on a vacation rental in the Panhandle last month despite being thrown an underwriting curveball 3 days prior to closing (they wanted another 10% down to total 30% or pay off our vehicles to bring our DTI down). The lender we used offered 3.5% if we had gone the 30% down route but it would have required a 2 week contract extension so we opted for paying down some debt.

My question is this: anyone recently with a lender on a condo-tel property in the panhandle that will do 2nd home cash out refi's at 90% LTV and 3.5% or lower rates?

Thanks in advance, keep crushing those REI goals, and stay safe!

Brandon