My assumption is that the lender bought the rate down to their new minimum/floor interest rate.

In other words, contributing the majority of sweat equity and little to none of the cash.I have also successfully completed over 15 turkey rental renovation lump-sum contracts for Investors, though my primary focus is B2C remodeling and custom work, as the profit margins are just better.

Since I don't have Labeled credentials I don't know what to fill in, under my profile credentials.I've been in Customer Service/Care, Flooring Sales, and Now Customer Relations, for over 30+ years.

I sold a condotel unit recently and the on-site company wanted to charge my customer 50%.

You need to include expenses and assumptions for repairs, CAPEX, vacancy, etc. 

Preliminary history: Land originally bought vacant and with no entitlements for $1,500,000 (free and clear).Entitlement planning costs: $250,000Construction Documents costs: $350,000Total All-In Expenditures so far: $2,100,000 (land + soft costs) After obtaining entitlements and general market appreciation, the value of land is indicated at roughly $2,500,000Basic Rough Math (not actual numbers): Cost of Construction: $10,000,000Market Cost of Land (free and clear): $2,500,000Total Project Cost: $12,500,000Financing Needed: $10,000,000 (assume all FFE, interest reserves, contingencies, hard costs, etc. are included)Financing Assumptions: Loan to Cost: 85% (SBA)Maximum LTC Loan Amount: .85*$12,500,000 = $10,625,000Equity Required: 15% = .15*$12,500,000 = $1,875,000 (Equity in land exceeds this)Actual LTC = $10,000,000/$12,500,000 = 80% Based on early conversations with a lender, they indicated a cash injection would still be required.

Am I correct in the assumption that anything other than R1-A and R-1 or Low Density Residential will allow STR?

Our experience with their customer service had been decent as well.

Tell him that you may need to reduce the number and see if they have any resources as you'd be calling as a customer.

We meet the 3rd Tuesday of every month at the Custom Kitchens & Baths by Design in La Plata (next to Apple Spice Junction).