Financing for resort

[Mitchell Maginnis]

Hi! currently own a cabin worth about 400k. My mortgage is 200k.

I want to buy a new property for sale that is commercial/resort zoned. I'd like to put multiple cabins/condos on that piece of property. I plan to use a refinance on my current cabin to fund the downpayment on the next property. Does anybody have any recs or advice on how i can get financing for this?

Thanks!!

[AJ Wong]

Sounds like a great plan. You can do a cash out refinance on the current cabin...how many acres?

Depending on qualifying income you can go up to 90% LTV or most attractive terms will be 80% of the value or below.

For the purchase of the new property, you can consider a seller carry offer (balance of purchase price minus the down payment) or obtain a new mortgage on the commercial/resort. 

Check in with @Joseph Chiofalo they lend nationwide and in MN.