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Private Lending & Conventional Mortgage Advice

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Jonathan Fraundor
  • Bemidji, MN
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1 Million Dollar Conventional Condo jumbo loan Minnesota

Jonathan Fraundor
  • Bemidji, MN
Posted Sep 27 2021, 21:00

We are looking for a conventional loan for a $1.2 million condo we put under contract in MN. It has four units. Ideally we would like a conventional loan with a down payment of 5%. There is no HOA in place and we are assuming we can't convert it to a townhouse. There are five of us that will be the borrowers but only one of us residing in one of the units. Is it possible to get a conventional loan without a sole borrower on a condo without an HOA? We can do a higher down payment, but we want to explore the possibility of acquiring a conventional loan on this property before going the commercial route.

If anyone has suggestions for creative mortgage lenders licensed in MN that would be great! Thank you!

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