STR Deal in Truro, MA

[Bob D.]

I have a property under contract in Truro, MA that will be positioned as primarily a STR. Cost is $1mm and we are looking to put 25 - 35% down depending on terms. We believe the property will gross $90k/year in peak season (Main home, cottage, and pool for "compound" effect). Ten minute walk to beach. We will need to invest money on paint/paper/furniture/landscaping, I'm thinking $25k. This is my first deal.

I'm currently a partner at a WM firm and receive a K-1 starting 1/1 of this year so I have been told by all conventional lenders that I can't get a mortgage until 2024. I'm currently going through a private lender that has offered 5.5% with two points on a 30 year fixed. I will PG the debt. 

I can't help but think I can get better debt on this property. I have 740 FICO score and sufficient assets to post, good asset, and also a good down payment. 

Are there better lending options? 

[Bob D.]

So we got this verbally agreed to and then the sellers went MIA for two days and backed out!

On to the next one. The lender I was using was Host financial. 

The projected rent was $90k for Memorial day through Labor Day. We weren't projecting anything in the off season months.