All Forum Posts by: Joanne Hanson

Hi @Armin Nazarinia. I have been asking for a loan for a vacation home / STR. The problem is more that some are classing it as a condotel rather than just a condo. I've managed to find two lenders today that have offered conventional lending on it. Thanks to the help from everyone on this forum post (THANK YOU!) Now we just need our offer accepting. Then it'll be Deal No.1 and counting! :-D

Thanks @Avery Carl I’ll try them too! 

Thanks @Avery Carl! I’ll check them out. That’s what I’m finding, condotel lenders but not in MN. Wished we lived nearer to TN! :-(

@John Underwood very true. That’s why we were a little hesitant to start with. But the cashflow is really good. But you’re right, I think that’s why the 3 beds struggle to sell quickly. We inquired about a 1 bed too, but looks like it’s already sold. I’ll run the numbers to see how long it would take to payoff a seller financed loan or balloon mortgage. Great idea. Thank you! 

@Dave Widgeon thanks for the tip. I’ll try them anyway! 

Thanks @John Underwood. I tried the local banks and they only had a 5 year balloon. Which I’m not familiar with. Need to read up on what it is. I wondered about owner financing, but not exactly sure how that would work either. Given we wanted around $100k. We were going to take out a 30 year loan. Do you have any experience in owner financing? 

Thanks @Paul Sandhu. Insightful. Agree that seems to be the case. Although maybe with longer haul travel being out the window right now with COVID more local getaways may do well? As long as people don’t loose their jobs. The resort was pretty busy when we went last week. 

Thanks @Collin Hays I’m starting to realize that. The only reason our first mortgage is with them is because they’re the bank my company guaranteed us for a mortgage with when we relocated from the UK. 

Thanks @Robert Tinker I’ll give them a try too. Worth a shot. 

Thanks @Nancy Bachety. That’s what I kept finding. However you can get loans for non-warrantable condos right? I’m just struggling to find any in MN.