All Forum Posts by: James Fraundorf

Is there such a thing as a 10% DP using a commercial lender?  Looking to finance a 4 unit condo in Minnesota for 1.2mil.  Thanks!!

My partners and I have a 4 unit condo under contract in Minnesota. Our goal is to put the lowest amount down as we have a capital budget for this deal. The asking price is 1.2 million (300k/unit). It's on 2.1 acres on a lake. No HOA in place. I need help brainstorming how to take this down. We want to be all in ourselves as sponsors for 10percent no more. Maybe we do 1 or 2 of them vacation home loans and the other two investment loan? Seller financing for the other percent of the Down Payment? The property will mostly be used as a Short Term Rental. Any and all ideas welcome. PM me if need be. Thank you so much:)

@Stephanie P. do you know any STR lenders? Looking for one to finance a unique property in MN right now. Thanks!

@Nick 

@Nick Belsky, Awesome!  can you PM me?  I think you connected with my brother Jonathan about this as well?  We are working together!  Maybe we could jump on a call or get on an email thread.  Can you PM me your email?  Thanks So much .  James 

@Caroline Gerardo, do you lend in Minnesota?  Looking to finance an Airbnb property there and trying to figure out how to get this done.  

@Steve Frye, can you PM me this lender you referred to who will use STR income? Thanks so much!

@Caroline Gerardo, do you lend in Minnesota?  Looking to finance an Airbnb property there and trying to figure out how to get this done.  

@Dustin Lauer, do you do DSCR loans for short term airbnb rentals? I need someone! Thanks much!

Hi Simmy!  I am looking at doing this in Minnesota, are you licensed in MN?  If not, do you have any recommendations?  Thanks so much!  

Question, How would you do a conventional finance on a 4unit duplex that's technically a condo? Location is near Bemidji, Minnesota. There is no HOA and there would not be one owner (there would need to be co-borrowers as my business partners and I want to take this down together). We are really needing some help to think creatively about how to take this property down. Also it would need to be a jumbo loan I think, as it's over $1million. Thanks for any insights/advice!