Great time to expand values are high, rates are going to start to fall again in the next 60-90 days.

I would highly recommend working with a broker that really understands the nuances of this style of loan as each lender has different credit requirements, leverages, and ownership requirements. 

If you're looking for more connections, I would highly recommend attending some local real estate meetups in the cape cod area.

MICs generally charge a lot in points and have high rates, and typically won't lend above 75%-80% of purchase.Some brokers will also have access to private individuals who are willing to lend, which can be more flexible.

@Elijah TisdaleJust looking at the pictures / term sheet i think your problem is the 642 fico score, zero experience & your 87k rehab budget looks to light for this project.

There’s great Airbnb traffic there, with average ROI as high or higher than almost anywhere else in WA.

Ouch... 75% set up fee sounds really high.

Monthly rent + rate increase + probably getting a clearer picture of taxes/insurance would be my guess for that.So I wouldn't completely blame whoever you were working with on that, but if it were my client I would have tried to get a clearer picture of that going into it and either treat it like a 'vacant' or go off of market rents (assuming they are closer to $1200).Good luck!

Due to the rising cost of buying a home or paying high-cost rent.

Interest rates and high purchase prices are pushing a lot of people away from buying.