Minnesota Lending Recommendations??

[Josh Straka]

Hey everyone! I am looking for anyone who may have recommendations on lending options for those who do not have a substantial income on paper. I manage/bartend where tips cannot be counted for a typical bank loan and my hourly only sums up to a measly $22,000 annually. 

I have an existing mortgage on the home I own right now (which I purchased as a fix and flip foreclosure) so my DTI ratio is too high for a second mortgage.

I was just recently told by fellow BP members to search for portfolio or HML money... Any specific suggestions??

Thanks in advance!

[John Woodrich]

Your local hard money lenders are Pine Financial and American Land and Capital.  I have talked to both and if you message me I can give you my opinion.  If you find a deal worth going at it may be possible to get in with zero down, the loan covering the purchase and the renovation but that will depend on your expected after repair value.

If you are looking to invest up in the Mille Lacs area I would make sure you can keep to a tight timeline.  One bad news article about the lake could have a substantial impact on property values.