So I am trying to buy a property in Western NC that is 36 acres with basically 2 homes on the site. One is more of a workshop (half bath not full) but it is heated and 1994 sq ft. so was denied for a Freddie Mac conventional loan. So the options as I see them are to try to split the property into 2 which requires the seller to get a survey and file a deed or to try to pursue a portfolio lender. We plan on living in the home on the property and doing short term rentals in 2/3 of it (house is divided into 3 units essentially) and rehabbing the other property in the meantime for more STR (is located in a good area for at least solid seasonal rentals).
So was curious to hear what I should expect from a portfolio lender in terms of numbers? Down payment, loan to value, DTI? I realize there is a lot of variability but was hoping to get some idea of what to expect.
Thanks.
