Navigating Financing Options for a Short-Term Rental Property Purchase [Fourplex]

Hi Beau,
I am under contract on a 4plex. I am going to remodel the property and convert all units to furnished rentals both short term and midterm stays. I was quoted on a DSR loan for 60% of the purchase price because of the low DSCR based on market rents. This property will 4x revenue by running as furnished rentals. The problem is I don’t have enough cash. I was hoping for at least 80% LTV. Any thoughts on how to get this to the finish line? I would hate to back out and lose my EMD but running out of options. Please help!

Sara

Timestamps
[00:52] What properties are considered business purpose loans
[01:20] Look at doing stabilized bridge loans
[01:34] Get 12 months of operating history and refinance afterward
[01:40] 75-80% of the assets' purchase price
[01:45] What to do if you are doing renovations?

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#DSCR #financingrealestate #4plex #shorttermrental

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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