U.K. Client’s Triumph in Sunshine State with Short-Term Rental Financing in Florida
A $1,755,000 cashout refinance was successfully closed by DAK Mortgage’s client, a U.K. citizen, for his short-term rental property in Reunion, Florida in March 2023, freeing up capital for further investments.
Securing short-term real estate loans can be a challenge, but in March 2023 DAK Mortgage’s client, a U.K. citizen based in the Cayman Islands, closed a seven-figure cashout refinance on his vacation rental property in Reunion, Florida.
DAK Mortgage streamlined the process with a 15-business-day turnaround, requiring just an accountant’s income letter (instead of tax returns) and only one appraisal (instead of two appraisals, as is required by more traditional lenders at this high loan amount level). The appraised value was $2,700,000, and the lender provided 65% loan-to-value, for a loan amount of $1,755,000.
The client, a self-employed entrepreneur, intends to use the cashout proceeds to reinvest in a new commercial venture in the Cayman Islands.
“In today’s market with rising interest rates, getting a cashout refinance for a U.S. citizen borrower with a long-term rental property is a bit challenging. Here, we had a foreign national borrower with a short-term rental property, so double the challenge. We’re glad we got our client to the finish line,” commented David A. Krebs, president of DAK Mortgage.
DAK Mortgage, a licensed mortgage broker (NMLS #1922428), specializes in offering creative residential and commercial loan programs catering to non-traditional needs. With a focus on assisting individuals and companies denied by banks, DAK Mortgage provides alternative financing solutions, including non-U.S. citizen and foreign national financing, super jumbo mortgages, self-employed loans, investment property loans, construction lending, non-warrantable condominium financing, and bridge loans.
Ready to purchase or refinance a vacation rental property but unsure about financing options? The expert team at DAK Mortgage specializes in creative loans to help customers achieve their goals. Reach out today and turn a dream into a profitable reality.