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Updated 1 day ago on . Most recent reply

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David Aylor
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Looking to refinance two STR's on the same property

David Aylor
Posted

Hello!

I am looking to refinance two of my STR's in Asheville, NC.

Background: I had 2 couples cabins (not actual cabins) built, finished in December, on several acres of land in Asheville, NC. I financed the deal by a 50/50 mix of construction loan and private loans. I am looking to refinance both loan types bc they are interest only. I have 3 months of performance (so DSCR isn't an option.... unless there are DSCR options with only 3 months of performance) and the cabins are doing really well (top 1% for one and top 10% for the other) - even with the huge downswing in the market. I have a couple of interested lenders but nothing in writing yet. Before I go further with discussions I wanted to see if anybody had any suggested loan types/lenders. Also, the cabins are 450 sq ft and I had an appraisal done for the construction loan within the last 12 months and if I can get 75% of LTV of that appraisal - that would be enough to pay off my lenders. Thanks!

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Mitch Davidson
  • Lender
  • Asheville, NC
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438
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Mitch Davidson
  • Lender
  • Asheville, NC
Replied

@David Aylor I live and invest here in Asheville, and we, Movement Mortgage that is, can help you with this. Our in-house DSCR programs allow for STR income qualification, and also allow for cashouts on properties that don't have a performance history or are otherwise vacant. And perhaps best of all, we don't have prepayment penalties. I'll send you my contact info in a message.

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