All Forum Posts by: David Aylor

 Thanks for the info! I'll reach out to Josh. Yes - prefer to avoid subdividing if possible

@Tyler Divin and @Andrew Steffens

Thank you guys for your responses! Since I have been running for a couple months - AirDNA does have projections (or at least data) on my cabins. Some lenders have asked for them, some haven't. 

 Sounds good! I'd be happy to connect - let me the best way to reach you

@Matthew Becker - good to know to just talk to commercial bankers. In my initial screening (not talking to a commercial banker) the bank rep tells me that 2 properties on one parcel is a problem. I will start just asking to speak to the commercial banker. Thanks!

Thanks for your reply @Matthew Becker!

Debt coverage is above 1.5. The property is under my LLC. I have reached out to a couple of local banks and credit unions and they seem to get continually tripped up on there being 2 properties on one piece of land. Also, I am an out of state investor and the properties are 450 sq ft which they don't like either. Good to know about the 7%. I appreciate your reply and help!

Hello!

I am looking to refinance two of my STR's in Asheville, NC.

Background: I had 2 couples cabins (not actual cabins) built, finished in December, on several acres of land in Asheville, NC. I financed the deal by a 50/50 mix of construction loan and private loans. I am looking to refinance both loan types bc they are interest only. I have 3 months of performance (so DSCR isn't an option.... unless there are DSCR options with only 3 months of performance) and the cabins are doing really well (top 1% for one and top 10% for the other) - even with the huge downswing in the market. I have a couple of interested lenders but nothing in writing yet. Before I go further with discussions I wanted to see if anybody had any suggested loan types/lenders. Also, the cabins are 450 sq ft and I had an appraisal done for the construction loan within the last 12 months and if I can get 75% of LTV of that appraisal - that would be enough to pay off my lenders. Thanks!

Hello! 

I am looking to refinance two of my STR's in Asheville, NC.

Background: I had 2 couples cabins (not actual cabins) built, finished in December, on several acres of land in Asheville, NC. I financed the deal by a 50/50 mix of construction loan and private loans. I am looking to refinance both loan types bc they are interest only. I have 3 months of performance (so DSCR isn't an option.... unless there are DSCR options with only 3 months of performance) and the cabins are doing really well (top 1% for one and top 10% for the other) - even with the huge downswing in the market. I have a couple of interested lenders but nothing in writing yet. Before I go further with discussions I wanted to see if anybody had any suggested loan types/lenders. Also, the cabins are 450 sq ft and I had an appraisal done for the construction loan within the last 12 months and if I can get 75% of LTV of that appraisal - that would be enough to pay off my lenders. Thanks!