Funding Our Second Deal

[Account Closed]

My wife and I recently did a cash out refi on our primary residence and used the proceeds for a down payment on our first STR investment. We close on it this coming Thursday.

We ar super excited and I'm already looking for our next STR opportunity but with this latest deal my DTI is getting too high for my traditional lender to give me a loan for the next one.

We can come up with the 25% down payment but how do we find a lender who is STR investor friendly and will help us push through the red tape to get our next STR?

I’d love to hear my options.  

[Ryan Moyer]

Quote from @Account Closed:

My wife and I recently did a cash out refi on our primary residence and used the proceeds for a down payment on our first STR investment. We close on it this coming Thursday.

We ar super excited and I'm already looking for our next STR opportunity but with this latest deal my DTI is getting too high for my traditional lender to give me a loan for the next one.

We can come up with the 25% down payment but how do we find a lender who is STR investor friendly and will help us push through the red tape to get our next STR?

I’d love to hear my options.  

If you have the cash but can't qualify on a conventional loan due to DTI it sounds like a DSCR is what you're looking for. They are fairly popular around here, and they will qualify you based on the rental revenue for the deal rather than your own personal income.