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Updated almost 3 years ago on . Most recent reply
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Construction Loan/ projected income
I’m hoping somebody can help me solve this financing puzzle. Here’s the situation:
1) we currently own two profitable airbnbs
2)live in a primary residence we want to turn into an Airbnb but this property does not produce income
3) have a piece of land we want to build on
we need a lender who can qualify us for a construction loan based on the projected Airbnb income of our primary residence. In my mind this should be easy for an underwriter because our other Airbnb property is 9 houses down and the same model house.
is it possible to find a lender who will qualify us based on our current house being turned into an Airbnb? We cannot qualify without this projected income so we’d have to sell the home to qualify.