Tips for Financing Downtown Minneapolis Condo Rehab Properties 

You need to interview multiple brokers rather than just using the first one you come across. You should approach choosing a Downtown Minneapolis Condo real estate agent just like you would hiring an attorney, doctor or insurance agent. Call around the area where you will have access to meet your financial necessity.

It is much more difficult to get traditional financing for Downtown Minneapolis Condo's because they are looked at a little different than a primary residence.

When working on fixers you may want to consider seeking a hard money lender for financing rather than a traditional mortgage broker.

Read the local paper in the Downtown Minneapolis Condo area, and you can find financing options and alternative mortgages here as well as through your real estate agent and via investment property finance firms.

Hard money lenders are willing to loan between 50 and 80% of the value of a property after repairs, whereas traditional lenders will only loan based on a property's current value.

It might be a local mortgage banker in Profile.market that knows exactly ho to call in any investment situation.

It costs a lot more to get a hard money loan than it does to finance traditionally. Basically interest rates average about 12-16% in most cases and you might have to pay about 3 to 5 points right now.

Why would anyone pay these rates? Well, the major benefit is that they will lend more money than a traditional lender and approve more Downtown Minneapolis Condo.

All you have to do is look at the costs of hard money loans like the cost it takes to do business. To end up with the profits that you are looking for on a Downtown Minneapolis Condo, make sure to include those costs in your purchase and holding costs.


There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis Condos or Minneapolis Lofts. For complete information about the Downtown Minneapolis condo market including current condos lofts for sale, values, and more please visit the most complete website online www.LivingInDowntownMinneapolis.com dedicated to everything Downtown Minneapolis Condos.  Contact Mike Weiland & Elke Stephan of The Weiland Group of Keller Williams with any of your real estate or mortgage related questions by filling out the form below.

P.S. Free weekly list of Downtown Minneapolis Condos including private listings and foreclosures in the most popular locations call the 24 Hour Recorded Information Hotline Now for details...1-888-391-9039 Ext. 126 or visit www.LivingInDowntownMinneapolis.com.

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 Tags: Downtown Minneapolis Condos, Minneapolis condos for sale, minneapolis condo, lofts minneapolis, condos lofts, condos Minneapolis, Mike Weiland, Elke Stephan

Article's Author

Mike Weiland
The Weiland Group of Keller Williams Realty
Minneapolis, MN

Contact Mike Weiland