Short term rental Financing

[Lynn Gupt]

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.

[January Johnson]

Quote from @Lynn Gupt:

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.

 STAY AWAY FROM THE LENDER AT ALL COSTS!  I am NOT KIDDING.  I have never had a good experience with them as an agent, and just recently had them bait and switch a buyer (I had the seller) AT THE CLOSING TABLE.  She thought her rate was 6.75 but it was 8.75 when she sat down to sign.  I helped her find another lender at the last minute (literally), and they closed her in 14 days.

PM me if you'd like that lender's contact info.

STAY AWAY FROM "THE LENDER" though. My whole team has horror stories to tell (and we are 50+ agents in 20 STR-friendly markets) - The Short Term Shop.