Cashout Refinance in the Smoky Mountains [Will not qualify for DSCR financing]

Hi Beau,
Thanks so much for doing these question-and-answer segments. We recently purchased a cabin in the Smoky Mountains using a friend's self-directed IRA which covered the acquisition and rehab.

We are looking for a cashout refinance in the Smoky Mountains

We have owned it for 7 months now and just got declined from a DSCR lender. They said they don’t use new appraised value to after 12 months. The other DSCR lender said that the long term rents would not qualify us. Help we are stuck! Below I put the data:

Purchased: 5/09/22
Purchase Price: #337,500
Rehab: $65,000
Value: $550,000
Credit: 770

We told our lender we would have them paid off in 6 months and he is getting impatient. Any thoughts on this?

Please Help!
Trina

Timestamps
[00:56] The projection-based DSCR lenders that do these types of vacations and use AirDNA
[01:04] The only problem is they need 12 months of seasoning
[01:13] When long-term rents do not qualify from a DSCR standpoint
[01:17] First option, no ratio program
[01:31] A loan with a three-year prepayment penalty
[01:36] Beau’s advice is to do stabilized bridge loan for rent-ready properties
[01:55] Pay off your investor
[02:03] Look for a long-term refinance using your income
[02:22] Book a call at https://investorfinancingpodcast.com/rumble

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💥 Thanks for watching 💥
#cashoutrefinance #dscrloans #smokymountains

_________________________________________________________________________________________________ About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.
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