Any lenders that use STR income?

Question

Hi!  I am looking to do a 1031 exchange and trying to find a lender that will do a purchase loan at 80% LTV and also use the actual or projected STR income for the DSCR.  Any lenders out there that can do this in Georgia and/or North Carolina?  Thanks!

Sanat Bhandari · Answer

@Jason T. The only ones as far as I am aware are Easy Street Capital (@Robin Simon and @Jack Tulloch)

I'm working on a similar deal with them right now and they're quick and easy to work with

Robin Simon · Answer

Yes - there are very few that will do so, but still available!  Check out BiggerPocket's page of featured STR Lenders!: https://www.biggerpockets.com/...

Robin Simon · Answer

We are still at 80% on STRs

Jon Puente · Answer

Hey Jason,

I believe there are lenders out there that will use STR income to qualify, however it's very far and few between given how new and "risky" it can be in a banks eyes.  However, I reached out to a few people and will try to see if I can find one!  Please keep me updated with your search as well, because I am curious about this.

Mark Munson · Answer

Most STR lenders can get to 80% on purchases still. If you don't have existing statements (at least 3 months), some lenders will use AirDNA or other projections. Alternatively, if you have an existing STR in the same area, they can use those figures for the new purchases. And lastly, if you don't have statements nor an existing STR in the area, they can use figures from a Property Management company in the area with a similar STR. Feel free to reach out if you need guidance or some recommendations, best of luck!

Josh Green · Answer

@Jason T.

@Nick Velez does!

Napoleon DeCiutiis · Answer

Jason,  hit up @Tyler Solomon- he specializes in DSCRs and can 100% answer your question.

John Mausteller · Answer

Hey Jason - there are certainly a number of lenders out there that do DSCR loans and will use rental income for you to qualify.  Bigger Pockets does have a few they recommend but there are a number of them out there.  You could also try looking into The ONE Brokerage and they have a number of connections for a variety of loan types.

Drew Sygit · Answer

Many DSR lenders will accept projected rental income based upon area rents.

Stacey Anderson · Answer

If there are STR comps to go off of, I have a correspondent channel that I can do them through. I'm in Texas, but we're licensed in multiple states.

https://www.wbm.com/loan-offic...

Any lenders that use STR income?

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