I own a $3 million single-family investment property, completely paid off. I’m looking to secure a $1 million loan. The property operates as a short-term rental, generating about $350k annually. Can anyone recommend a lender offering competitive rates and terms?
You’re likely to receive a lot of offers from lenders. My advice is to compare rates and fees within a 14-day period to minimize credit impact. I’m here to help if you have any questions.
Jai said:
You’re likely to receive a lot of offers from lenders. My advice is to compare rates and fees within a 14-day period to minimize credit impact. I’m here to help if you have any questions.
It’s overwhelming how everyone wants a piece of your business. Personally, I’m just here to share some free advice without any strings attached.
Consider pulling out the loan using the rental agreement as proof of income.
Vic said:
Consider pulling out the loan using the rental agreement as proof of income.
I’m not concerned about qualifying for the loan; I’m searching for the best rates and terms available.
@Kit
In that case, I’d suggest shopping around with different brokers. For a second investment property, you’re probably looking at rates around 7-9%.
CV3 and Deephaven have solid terms for STR DSCR loans. You might want to check them out.
I currently have a 6.875% rate on my investment property mortgage with no points.
We offer a 30-year fixed rate. Here are the conditions based on deposit amounts: $200k deposit gets you a rate of 6.875% with no points, $500k deposit offers 6.75%, and $1 million deposit offers 6.25%, all with no points. There are no penalties for prepayment and you’re not obligated to keep the money in the account after closing. We operate in 14 states.
You should consider a DSCR cash-out refinance. I work with a broker who can facilitate this smoothly. Let me know if you need help.
I’d be interested in reviewing your case. I can offer competitive market rates and have experience closing similar deals recently.
I did a $1,000,000 cash-out refinancing with CitiBank back in 2019 on a property valued at $2 million.