Hi Everyone, I was under contract for a property but I didn't qualify for financing because the lender that provided the preapproval changed its financing source while I was looking for properties for a couple of weeks and as of now, they do not provide loans for foreign nationals anymore. 

Are you approved for a loan?

The question becomes even if improvements are made can the tenants pay it or are they already maxed out with their incomes on rent affordability?

Contacted local DSCR loan officer and was told the best rates would be 7.325% with 30% down and that’s with two points.

Traditional Second Home Loan How did you add value to the deal?

Setting up something like this in a bridge loan to take on some of the rehab could be the best way to go, but most will want to see some 10+ experience to really get what you are hoping.Do you have someone with some "experience' in that space who might do a JV?

If you close into a 30 year loan from the get go you will most likely pay a pre payment penalty of 3-5% so that strategy wouldn't make sense.

There are other states with similar circumstances as well but here is what I wrote for another post.I got into being a Loan Signing Agent because of my refinance.

If you refi to a renovation loan by including the ADU costs + paying off the existing mortgage, would your total monthly payment be financially comfortable and agreeable to you? 

Or does it have to be a commercial loan?