Who can help me finance my mortgage free AirBNB?

[Natalya Whitaker]

I'm looking to finance two short term rental properties both are currently owned free and clear.

Both properties are located inside a resort with lakefront property, however, we cannot pursue tradition financing due to a few restrictions that we have with our properties.

Here is what is important to know:

1. Our property is leased from the corps of engineers until 2052. 

2. At one point other owners were able to find financing with local lenders, however, 3 years ago the company that ran the resort went into bankruptcy and several of the properties were foreclosed on. This has made the local lenders leery of lending on these properties again. Since that time, the owners have taken over and created an LLC that runs the resort. Most of the owners are now savy investors and we have cut costs and changed the business strategies and I'm happy to say that the resort is now thriving.

3. As of yet none of the newer owners (myself included) have been able to obtain financing for the properties. This has caused the value of each cottage to go way down. Currently, my two properties are worth $65k and $85K. This presents a problem as most lenders have a minimum and unless I can combine the two into one loan they do not meet the requirement. I believe that once financing is found the property values with go up substantially.

4. Last year our two-bedroom cottage grossed $35k. We had a few very large capital expenses that we needed to take care of $12k worth, but even with that our profit was $6k last year. We just purchased or the second cottage a few months ago but it is proving to be just as profitable. I also manage quite a few other cottages so I have access to the financials if needed.

Here is a link to our properties


https://www.airbnb.com/rooms/20067871?s=67&shared_item_type=1&virality_entry_point=1&sharer_id=80708294


https://www.airbnb.com/rooms/36357192?s=67&shared_item_type=1&virality_entry_point=1&sharer_id=80708294