I've seen banks be very competitive with blanket loans that cover multiple properties and/or multi-family properties, e.g. 5+ units.Mortgage Brokers (obviously I'm biased) - Brokers have the ability to work with all of the above and can get you to the best lender for your scenario right away instead of having you waste your time with the wrong type of lender.

I agree with Collin.The Smokies do have a lot of competition, so you need to have a view, decent location, good to great amenities etc to stand out.We have a 6-bedroom cabin there, but I imagine a 3 to 4 bedroom would be in the sweet spot of not too big or not too small.

I know of a lender around 7.3%, but curious what everyone else is seeing.Keep in mind, we're talking DSCR, not conventional.Local commercial banks are usually most competitive for this space.

Does anyone have any advice for people starting out in this competitive field?

I have deals needing funding and want to ensure I'm structuring them in a way that's competitive and appealing to private lenders.

I would never form an entity with them when I can do it online with a firm that charges a fraction of what they charge).

@Sam HendricksenMultifamily is super competitive in this area and you have a huge advantage over your "competition" with the fact that you are owner occupying as most deals nowadays hardly cash flow. 

The lot size, the pool, and the quiet cul-de-sac location provided great bones, and with the right upgrades and modern touches, it could command a much higher price in the competitive Hamptons market.

Sellers are always going to look at more money down more favorably unless the agent explains the why behind doing the FHA, especially in a competitive market.

So, I hope you have a speed dialer and a large cup of coffee.If you want low, competitive rates, fast closings and great service, work with a broker.