Trouble financing south Madison

[Darren Mesibov]

I’m under contract on a single-family house for buy and hold rental in a rural Madison location.  It’s maybe 8 miles south of town. My commercial mortgage guy, who is fantastic, is telling me that he won’t be able to get this done because of limited comps and low population density. Has anyone else run into this? I really don’t want to  go back to conventional financing. Rates are lower, but it’s such a grind to get through the process. 

[Scott Wolf]

@Darren Mesibov, yes I ran into this in Upstate NY, basically the same situation. Property is 8 miles from downtown Poughkeepsie(town of 30k residents) where the DSCR guys will lend all day. Your best bet is to try to find some local HML or Private lenders. It seems like you have a track record, so based off the price of the asset, you may be able to raise the debt in your circle.

Good luck!