Mainly because you can use a 3.5% down payment instead of 15% for conventional.

.:)  All the numbers look great, but the loan won't get bought by Fannie Mae or Freddie Mac because they limit the ltv on units so it's a no go for conventional financing.A DSCR loan will go to 75%. 

We did conventional financing.

If you don’t have a government-insured mortgage such as an FHA loan or VA loan, you likely have a conventional loan that is eligible for Fannie and Freddie guarantees.

Conventional mortgages are likely out of the question.

Conventional loan, not FHA.

Hi everyone, I'm an investor that has filled up all my conventional loan spots and I have more properties that I have purchased in cash, rehabbed, and looking to pull my money out. 

Local relationships are good, but conventional lenders have the same line of products...the creative lenders will have a very different portfolio of products...the product you need may not be offered by local lenders in your area.Lenders have zero influence on the deal itself outside of what an independent appraiser/inspector relays to them...local knowledge of markets is not in play at all.

StephenHI Stephen,Most conventional lenders will allow 1 30 day late within 12 months but not 60 day late and if you have multiple 30's you generally have to wait 12+ months to re-apply.There are other loan products that are called non QM or non qualified mortgages that might entertain your scenario.

I bought this property with a 3% down conventional loan in October 2019.