Portfolio lenders - Minnesota

[Jared LaLonde]

Any Minnesota investors out there can share who they are using for lending on rental property? Twin cities area.  Looking for a portfolio type lender

I recently talked to one who wanted me to buy and rehab cash, get it rented and they would refi out to around 70% on a 20 yr loan.  I would like to find one that I could use to acquire the property from the beginning.

Thanks,

[Robert Tryon]

Jared - often we find investors are using different bridge lenders to acquire, rehab and secure a renter, then they refinance to permanent loan/lender after renter is in.  Both lender types are portfolio lenders. Some lenders are better at the front end short-term loans while others, like the one you referenced, are more interested in the perm (cash flowing) loan. 

The bridge lenders are typically a bit more expensive, but move quickly and have more flexibility in working with you. Permanent lenders are looking for the stable, cash flowing property with good credit tenants. It's hard to find one lender that will give you the flexibility to acquire, rehab, fill and then cash out. Suggest you look at splitting the process into two phases and seek different lender for each.

Feel free to PM me if you want to discuss particulars of your capital strategy.