DSCR Loan for non-owner occupied 7 acre multi-family STR opp

[Alex Lanctot]

We are looking at a property that we do not intend to occupy that sits on just over 7 acres and has 2 homes. We would like to use the buildings as STRs. We are running into issues with finding a lender because it is over 5 acres and not owner-occupied. 

Does anyone have any leads on financing products that would provide exceptions and not need 25% - 30% down?? 

We have good credit and STR rental history. We are also partnering with our friends who have good credit and MORE positive STR history.

The property is in a HUB zone, but I'm not sure how to take advantage of that angle. Maybe I need a different forum post for that question.

Thanks fellow realestators for any help or info!!

[Stephanie P.]

Quote from @Alex Lanctot:

We are looking at a property that we do not intend to occupy that sits on just over 7 acres and has 2 homes. We would like to use the buildings as STRs. We are running into issues with finding a lender because it is over 5 acres and not owner-occupied. 

Does anyone have any leads on financing products that would provide exceptions and not need 25% - 30% down?? 

We have good credit and STR rental history. We are also partnering with our friends who have good credit and MORE positive STR history.

The property is in a HUB zone, but I'm not sure how to take advantage of that angle. Maybe I need a different forum post for that question.

Thanks fellow realestators for any help or info!!

 You down payment requirement kills the loan, not to mention the difficulty finding comps for properties that have 2 houses on it with similar acreage.