STR Rehab Financing question

[Ryan Morrissey]

Looking to purchase a property that needs some foundation rehab (and interior updating as well) and looking for financing advice.

Normally I would aim for 2nd home conventional loan (it will also be my family’s vacation home) and then refinance after the rehab to pull most of my investment back out.  However previous buyer’s bank backed out when foundation issues arose, so conventional lending may be a crapshoot, and don’t want to waste more time.  Plus ideally I would prefer having a loan cover costs for the rehab.


Don't think I can get a commercial loan on a SFH.

Any purchase plus rehab loans that roll into a refi for STRs currently on the market?

What would you suggest?

Purchase price: $225k

Structural rehab: $60k

Interior updating: $15k

ARV: $375k

Projected STR gross revenue: $45-$55k

Thanks in advance.