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,

[Jay Lohn]

@Jared LaLonde

If you send me a private message I can send you 2nd market contacts as well as the commercial route too.

[Robert Sepulveda]

There are nationwide portfolios available that cover your needs.

• example 1 - up to 55% of your purchase and min $300k loan amount; 5, 7 ,10 yr arm.
• example 2- up to 75% ltv, based on rental market survey; $100k min, 30 yr fixed. These don't require you to own the property. One is based purely on the appraisal value and your finances. The other is based on the prospective rents you'll get after you own the property.

you can expect rates to range from 6.0% to 8.9% on portfolio money, with some exceptions on the lower end.

Hope this gives you some perspective.

[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.

[Sawyer Lubke]

@Jared LaLonde 

I know local hard money lender Pine Financial Group and Kim Burke with Leader1 Financial specialize in financing the rehab project and then refinancing you once the rehab is done and a renter is in place. If you don't need to do a rehab, then I would go straight to Kim (or another portfolio lender). I just closed a re-fi with her and she is excellent to work with. 

Cheers, Sawyer 

[Jared LaLonde]

Thanks everyone!

[Brian Rogers]

HELLO ALL MINNESOTA INVESTORS, my name is Brian and I have been studying up on Real Estate investing for a few years now and I am tired of "feeling the tickle that I can't scratch" if you know what I mean.

I am tired of reading everyone's success and wanting to start my own adventure, doing something to better my life and having fun while I am doing it.

Thinking about it all non stop is driving me up the wall, but I guess that's where ambition and passion come from.

I am looking for some friends to help me get into this business that I can trust and learn from. Did reach out to a local Realtor/Investor type group not going to mention names, but I felt that they were just there to make a buck rather then help me get going.

Looking to flip houses, own rentals, and enjoy the business. I know that it's hard work and willing to start anywhere. There has to have been someone out there in my same shoes, NO money of my own to start, good credit, and passion to learn.

Hope to hear from all my Minnesota investors,

Brian

[Andy Schornack]

I would encourage you to check out Flagship Bank Minnesota. It is a local lender I happen to work for. Here is a link to their 1-4 family investment property lending (1-4 Family Rentals). It is also active in many other forms of real estate lending.  

[Jesse Hendricks]

Brian Rogers I am just starting to step up my Bigger Pockets game and came across your post. PM me if you are still looking into your options and we can set up a time to meet.

[Doug Thompson]

Welcome to Bigger Pockets

@Andy Schornack

I'm certain you'll be providing some good commentary and advice on your posts!

@Andy Schornack

Andy doesn't just work for Flagship, he is the President. 

I would say Andy may know a thing or two about the lending business.

@Andy Schornack

[Andy Schornack]

Thanks Doug, I look forward to being a contributor to the forums. Amazing to see the activity and knowledge in this community.

[Tony Lind]

I recently went to a meetup with Pine and Leader1. It seems like a good strategy. Has anyone used them or other short term financing to acquire and rehab, and then refinance to hold?

[Andy Schornack]

Hi @Tony Lind, you may also want to check out Keith Peters or Paul Johnson at Security Bank & Trust in Waconia. They are actively looking at new deals right now.  

[Pauline Misiak]

Originally posted by @Jesse Hendricks:

Brian Rogers I am just starting to step up my Bigger Pockets game and came across your post. PM me if you are still looking into your options and we can set up a time to meet.

@Brian Rogers, thanks for posting this. I feel the burn and I have the passion for REI as well.

@Jesse Hendricks, would love to hear what options you have

Thanks all for the positive feedback

[Daniel Sattler]

I am interesting in investing in some flips with an experienced and well documented flipper.

[Jerad Gardner]

Andy Schornack hey there do you mind if I PM you and ask some information about portfolio lending? I'm a 23 year old interested in real estate buy and hold part and looking to make my first deal in the next 6 months at the latest.

[Andy Schornack]

Yes most definitely, either @JeremyHoese or I could answer your questions!

[David Barnett]

I feel like I'm a bit late to this party.  In the past, I've used Bridgewater Bank for commercial type loans.  The banker I worked with on my loan is Matt Means.  I'd be happy to share his information to anyone that's interested.  They do a 25 year amortization, 5 year loans that reset to market rate.