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Updated about 5 years ago,
Refinancing a BRRRR on a STR?
Working through numbers on a BRRRR with a property that we want to use as a STR. Anyone with experience in doing so? My thought is that when trying to refinance, the lender is going to want to see a monthly LTR number...however, this obviously is not possible in this case. Would we have to deal with hard money for a full year of STR in order to use that income to prove to the lender that it works? I do not want to do LTR on this property for the first year just to refinance. Thoughts on this? looking at 355K all in, and then ARV of 500k; less than 1 full block to the ocean. Keep in mind, LTR numbers are slightly less than 1/3 of annual revenue of projected STR annual revenue. Thanks in advance for thoughts/assistance!