Cast Study: DSCR Airbnb Loan in Canandaigua, NY

ABOUT THE DEAL

A 4-bedroom, 3-bathroom ranch on the northwest shore of Canandaigua Lake in New York's Finger Lakes region, purchased at $1,200,000 in September 2026. The property includes a separate 30-foot waterfront parcel with a dock and boat hoist on the lake, and a fully finished walkout basement with a fourth bedroom, full bath, and kitchenette. The investor acquired it as a short-term vacation rental. No booking history existed to underwrite. Long-term rent at this price does not cover PITIA on long-term financing program. Ridge Street Capital funded this deal using DSCR Loan for Airbnb with 75% LTV and underwriting using Airdna data.

WHAT MADE IT SPECIAL

• Long-term rent produces a DSCR under 0.60 on this property. Zillow estimates long-term rent at $2,642/month. The appraiser placed comparable market rent at $4,000/month based on available lakefront rental data. Against $7,577.83 in total monthly PITIA, either figure produces a DSCR well below 1.0. Ridge Street Capital's STR DSCR program underwrites to AirDNA-projected short-term rental income instead. At $8,300/month net, the DSCR comes to 1.10. Qualified.
• Purchased 17.2% below list, appraised above the purchase price. The property listed at $1,450,000 in late June 2026. The investor negotiated the sale to $1,200,000, a $250,000 reduction from asking. The independent appraisal came in at $1,215,000, $15,000 above the purchase price. The investor entered the deal with immediate equity and a loan at 75% LTV on an asset appraised above what they paid.
• Dock access and a finished walkout basement drive the STR revenue case. The waterfront parcel includes a 30-foot dock and boat hoist on Canandaigua Lake. Direct boating access is the primary STR premium driver in this market, where lakefront properties with their own dock command significantly higher nightly rates than lake-view alternatives. The fully finished walkout basement adds a fourth sleeping area with its own full bath and kitchenette, expanding guest capacity and per-booking revenue beyond the above-grade bedroom count.
• Ridge Street structured the loan around both parcels. The property comprises two separate tax parcels: the main lot with the house, and a waterfront parcel with the dock and boat hoist. Ridge Street Capital included both as collateral, so the security interest reflected the full asset and not just the structure. The dock is the primary STR premium driver in this market. A security interest limited to the main lot would have understated the economics of what made the deal fundable.

THE RESULT

• DSCR Loan Amount: $900,000 (30-Year Fixed)
• Rate: 7.342%
• LTV: 75%
• DSCR: 1.10
• Monthly Cash Flow: +$722.

MORE ABOUT RIDGE STREET CAPITAL

Ridge Street Capital provides fix and flip loans, DSCR rental loans, and ground-up construction financing to real estate investors across 36 states. Our focus is exclusively on investment properties, which means every deal we evaluate gets the attention of a team that has seen the full range of what makes an investment work or fail.

If you want a lender who will tell you clearly whether a deal makes sense and move fast when it does, apply today.

‍