• 12 months of Airbnb / VRBO host statements OR an AirDNA market rent report (lender uses the lower of the two)
• Up to 80% LTV on stabilized STR with 12+ months operating history
• 75% LTV on newer STRs (under 12 months operating history)
• Some lenders accept long-term-rental comparable rent as a fallback for new STRs
• Cash-out refinance up to 70% LTV on stabilized STRs
• LLC vesting standard - most STR investors hold in an LLC

• You own or are buying an Airbnb / VRBO / Vrbo property in a market where short-term rentals are legally allowed
• You can document at least one of: 12 months of operator statements, or an AirDNA market rent report, or comparable long-term rent for the unit
• The property is 1-4 units, residential investment (not a hotel)
• Your scenario passes DSCR at the appropriate occupancy assumption (lenders use stabilized occupancy, not peak-season)

The mechanics are the same as standard DSCR, with one extra document set. Pull your last 12 months of operator statements (Airbnb host dashboard exports work fine). If less than 12 months, order an AirDNA market rent report ($20-50) and provide that. We send those to the lender with the rest of the underwriting package; the lender chooses the lower number for the DSCR calculation. Everything else - appraisal, title, closing - is identical to long-term-rental DSCR.

• STR DSCR rates run 0.125% to 0.375% above long-term rental DSCR rates at the same LTV - the income is treated as slightly less stable.
• Local STR regulations matter. If the city has banned STRs since you purchased (or yours is a non-conforming use), the lender will not lend. Check current STR ordinance before committing.
• Seasonal markets (mountain ski towns, beach towns) sometimes get penalized; lenders apply a haircut for seasonal occupancy.
• New STR conversions (long-term rental being converted to STR) typically need to use long-term comparable rent for the first 12 months.