I posted this several months ago and still haven't found anyone who can finance our properties. Please read my entire post before reaching out to me. I've had a few people tell me they could finance my properties and then after I've filled out long applications tell me my properties don't meet their criteria, which they would have know if they read this post. I've also created links to relevant documents.

I am looking to finance two short term rental properties that I currently own. Both I paid cash for and are currently producing great income. These cottages are located inside a resort with lakefront property, however, we have been unable to pursue traditional financing due to a few restrictions that we have with our properties.

Here is what is important to know:

1. Our properties are located on Taylorsville Lake in KY, and are leased from the State who has a lease with the corps of engineers until 2052. This is the most important issue. I've had a few lenders say they could finance us but then get to this lease and tell us no, so please make sure you can lend to a property that is leased under these terms!

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 $75k 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.

Update: One of the 2 bedroom cottages sold for $132k in November. I think this is much closer to the actual value, but it is the only comp at that price range.

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.

5. Once a lender is found, there will be several more cottage owners who would like to refinance. I am on the board that runs the resort multiple owners have requested information in regards to financing. So if you can make this loan happen for me you will be able to get several more clients to provide loans for.

6. Since I am on the board I am able to make changes to our operations agreement, and I may possibly be able to make changes to the lease with the state/Corpse also.

7. I own both of these properties with my husband and parents. We are very qualified buyers and all of our credit scores are over 650.

Helpful links

Two bedroom cottage Seabiscuit
https://www.airbnb.com/rooms/2...

Three bedroom cottage Southern lights
https://www.airbnb.com/rooms/3...

List of real estate currently owned

Link to operating agreements

Link to Lease With Cottages of Taylorsville Lake

Link to Lease with Corps of Engineers to the state

Original Lease with the state

Thanks in advance!

Looking for

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