Anyone have experience with Bank of England?

[Jillian Cullinane]

Hi,

Hello there, first time investment property buyer here. My husband and I are looking to buy a small condo in St. Augustine for short term rental. We are in conversation with Bank of England and the loan officer is suggesting we go with a DSCR loan. I don't have all the details yet since I'm supposed to chat with him this afternoon, but I just want to know if we should continue with this lender. Please let me know if we should run away from BOE or pursue other lenders in Florida. We can put 20% down. Thank you.

Jillian

[Sarah Kensinger]

Quote from @Jillian Cullinane:

Thank you, everyone. Also, do you foresee the short term rental market to slow down in the near future due to the economy? One loan officer I was talking to said that lenders right now are hesitant to loan money for STRs. We are really more interested in STRs but are now rethinking if we should do long term rental instead. 

Sounds like you need to talk with another loan officer that knows STR! They're not slowing down but it's no longer a leave and forget strategy with Ikea or garage sale furniture anymore. Check out The Lender or Host Financial for DSCR loans and lenders that know the STR markets.