Financing for a short term rental condo on a resort

[Joanne Hanson]

We’ve found a great deal on a 3 bed 2 bath detached cabin at a ski/golf resort in Minnesota. We’d like to buy it as a vacation home for ourselves and rent it out as a short term vacation rental throughout the year. I’ve been trying to get $100k mortgage for it and keep getting told that it’s not mortgagable as it’s a condo on a resort. None of the major banks seem to want to touch it, and the non conventional private lenders I’ve tried aren’t lending on this type of property in Minnesota either. I know this deal will give a great cashflow with how we’d manage it, so I don’t want to pass it up because of financing. Has anyone else had any experience with condos on resorts? Or condotels as someone are classed? How do you find out the exact classification? As people keep telling me different things. Thanks!!