Does anyone has experience working with "The Lender" to finance a short term rental property? When we spoke to them last week, they mentioned that they can easily do 20% down with no experience needed as being a host. I know there are plenty of lenders that will do 25% down but 20% was what caught my attention.
The only reason I am hesitating is that the loan officer wanted to run a hard credit pull even to send me a term sheet which was really strange. When I told him, that I am not going to do that at this point as we are merely talking and the lender I spoke to 30 minutes earlier had run a soft pull and send me a term sheet, he then did he agree to give me a "Ballpark" terms verbally. He did promise he will send me an email, which he never did.
I am not going to go with a traditional bank at this time with all the hassles that come with them so hoping to find some insight on "TheLender" or any other lending group that allows 20% down as a DCSR loan on a STR, SFR in MN which happens to be a no pre payment penalty not allowed state. The rate quoted was 8.875% so I really want to stay close to that as well.