How do you get Financing on your 4th or 5th Vacation rental?

[Luke Hoge]

I'm on Airbnb #5, have interviewed over 20 lenders, and am fighting to get a REFINANCE (80% LTV rate and term, no cash out) loan for one of my properties (which has a balloon in June). I've never had a problem getting a loan before because my of my job income but now that we have enough revenue from our rentals, I'm not working. Also, since these are NOT LTRs (but vacation STRs) I don't have leases and I write-off all of my expenses on my taxes so it looks like my properties (that do VERY well) "take a loss" on paper.

So now I'm looking at DSCR loans, or loans specifically for Airbnbs but even these require an appraisal which will be based on LTR estimated rents! But these are waterfront lake houses and not good LTRs!

Are all lenders afraid of Airbnb Right now? My revenues have skyrocketed since Covid so I'm not sure why there is still reluctance. I guess because it is still new? 

Any help would be appreciated!

Thanks!

Luke