Wisconsin combines the most Chicago-proximate Great Lakes vacation STR market in the Midwest (Door County on Lake Michigan; Lake Geneva 65 miles from Chicago) with the NFL’s most passionate game-day STR demand (Green Bay Packers; Lambeau Field; 81,441 capacity; consecutive sellout since 2003), the Waterpark Capital of the World’s summer tourism concentration (Wisconsin Dells; 4M+ annual visitors; Noah’s Ark; Kalahari; Wilderness Resort), the Northwoods lake country’s most accessible lake STR prices in the Upper Midwest (Vilas County; 2,900+ lakes; Minocqua; Eagle River), and dairy farming’s most income-complex bank statement borrower in the BFF agricultural portfolio — all under a Mortgage Banker License (#243082BA) that carries the highest company-level surety bond in the BFF series at $300,000 and a critical structural distinction: the WI Banker License does NOT authorize brokering.
Door County — Great Lakes STR DSCR: The Door Peninsula (Door County; approximately 30 miles long; 298 miles of Lake Michigan and Green Bay shoreline; 11 towns, 10 villages, 5 state parks, 2 major lighthouses) is Wisconsin’s premier vacation destination and the most Chicago-proximate major Great Lakes STR market in the BFF portfolio at 2.5-3 hours from the city. Chicago-based investors and vacationers dominate the Door County market. Wisconsin’s “Right to Rent” law (enacted in the 2017-19 state budget) prohibits local governments from banning STR activity outright — municipalities may regulate conduct (noise, parking, safety, occupancy caps) but cannot pass blanket prohibitions on rentals shorter than 30 days. This makes Door County one of the most structurally investor-friendly STR markets in the Midwest. State requirement: Tourist Rooming House License from the Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP; fee $110 valid for up to 3 years; health and safety inspection required). Door County: monthly room tax reports to the Door County Tourism Zone Commission. Local permits required in many Door County municipalities (Fish Creek, Sister Bay, Ephraim, Egg Harbor, and others have local STR permit programs). Lake Geneva — Chicago’s Playground: Lake Geneva (Walworth County; 65 miles from Chicago) has been Chicago’s premier lake resort since the 1890s when families like the Wrigleys, Swifts, and Armours built lakefront mansions on the shore. The city imposes a 6-night minimum stay requirement and a 180-day annual cap, combined tax of approximately 13%, and a $400/year city STR license. The 6-night minimum is a defining constraint for Lake Geneva investors: it eliminates standard 2-3 night Airbnb weekend bookings and forces a weekly-rental business model. Operators who adapt to this model — marketing one-week stays to Chicago families seeking full-lake-week experiences — can achieve strong seasonal occupancy. AirDNA projections for Lake Geneva should reflect the weekly-stay booking model, not standard nightly-rate optimization. Wisconsin Dells — Waterpark Capital of the World: 4M+ annual visitors make Wisconsin Dells the most family-tourism-concentrated market in the BFF Midwest portfolio. Noah’s Ark (America’s largest waterpark), Kalahari Resorts, Great Wolf Lodge, Wilderness Resort (America’s largest waterpark resort by lodging rooms) anchor an extraordinary summer peak. The Dells distinguishes between Tourist Rooming Houses (TRH; commercial zoning; unlimited rental days; suitable for investor STRs) and residential STRs (owner’s primary residence; 180-day limit). Investor STRs must be commercially zoned TRH or they must be the owner’s primary home. Combined tax rate: approximately 11.5% (5% state + 0.5% county + 5% local room tax + 1.25% premier resort area tax). Acquisition prices are more accessible than Door County or Lake Geneva. Green Bay Packers Lambeau Field: The Green Bay Packers (the only publicly-owned, non-profit NFL franchise; 360,000+ shareholder-fans) produce the NFL’s most travel-committed fanbase. Lambeau Field (capacity 81,441; renovated through 2013 expansion; Titletown District adjacent) has the NFL’s longest consecutive home game sellout streak (since 2003). Game weekends transform Green Bay STR economics: properties within 5 miles of Lambeau command $400-$1,000+/night on game weekends vs. $80-$150/night on non-game weeks. AirDNA projections must include all Packers home game dates. The Packers play 8-9 home games per season. Wisconsin Mortgage Banker License #243082BA — $300,000 Bond (Highest in BFF Series) and the Dual-License Rule: The WI Banker License carries the highest company-level surety bond in the BFF series. Broker partners submitting to BFF need the Wisconsin Mortgage Broker License (Chapter 224 Broker; $120,000 bond; $100,000 net worth) — a separate license from BFF’s Banker License. The WI Banker License does NOT authorize brokering; any entity that both originates loans directly AND brokers to wholesale lenders must hold both licenses.
$300K bond (highest in BFF series; mailed to DFI + NMLS), WI Banker does NOT authorize brokering, CPA Reviewed then Audited annually, max 5 trade names, Right to Rent law, Lake Geneva 6-night minimum, Dells TRH commercial zoning, Packers all-game AirDNA, dairy farm 24-month milk cooperative protocol, and Northwoods seasonal vacancy modeling.
BFF holds Wisconsin Mortgage Banker License #243082BA, issued by the Wisconsin Department of Financial Institutions (DFI), Division of Banking, under Wisconsin Statutes Chapter 224, Subchapter III. NMLS #243082. Four distinctive requirements: (1) $300,000 Mortgage Banker surety bond — the highest company-level surety bond in the BFF series; filed with the DFI (bond or bond documentation mailed to Wisconsin Department of Financial Institutions, Division of Banking, PO Box 7876, Madison, WI 53707-7876; and processed through NMLS); bond cannot be terminated without 60 days written notice to DFI; (2) $250,000 minimum net worth (Banker) documented with CPA Reviewed financial statements for initial application, then Audited financial statements each year thereafter; ($100,000 net worth for Mortgage Broker, with CPA Reviewed statements); (3) WI Mortgage Banker License does NOT authorize brokering — this is the most operationally significant WI licensing distinction: a company that holds the WI Banker License can originate, sell, and service WI residential mortgage loans, but CANNOT broker those loans to third-party wholesale lenders; any company that wants to both originate directly AND submit to BFF as a wholesale broker must separately obtain the Wisconsin Mortgage Broker License; for BFF broker partners, they need the WI Mortgage Broker License ($120,000 bond; $100,000 net worth; CPA Reviewed statements); (4) Maximum 5 trade names permitted per licensee; Wisconsin limits the number of trade names (DBAs) to 5 — unusual in the BFF series. No formal QI required. No in-state office required. MLO: 20-hour NMLS pre-licensing + SAFE National Test + UST; fee $250; 8-hour annual CE; no WI-specific supplemental course required. Renewal December 31. DFI: 201 W. Washington Ave., 5th Floor, Madison, WI 53703; (608) 261-9555; sarah.driscoll@wisconsin.gov. Verify at NMLS Consumer Access.
How to correctly model AirDNA for Green Bay Packers STR DSCR files: The Packers game day demand spike is so large and concentrated that it fundamentally changes the annual income distribution for Green Bay properties near Lambeau. Standard AirDNA trailing periods may miss 1-3 Packers home games if the trailing period starts after the previous season’s end or before the current season begins. Protocol: (1) Confirm the full Packers home schedule is included in the AirDNA trailing period: the Packers play 8-9 home games per season (NFL regular season typically runs mid-September through early January; preseason begins in August); AirDNA trailing periods should be structured to include complete home game calendars from 2 consecutive Packers seasons where possible; (2) Distinguish game-weekend nightly rates from non-game nightly rates: the premium is extraordinary ($400-$1,000+ game nights vs. $80-$150 non-game nights for a standard 3BR home within 5 miles of Lambeau); if AirDNA provides blended daily rates, confirm the weighting of game weekend vs. non-game dates in the blended figure; (3) Verify the property is within the STR demand radius: Lambeau Field’s STR demand is concentrated within approximately 5 miles of the stadium; properties more than 7-8 miles from Lambeau see significantly diminished game-day pricing premium; use the property’s actual address-to-Lambeau distance; (4) Green Bay STR compliance pre-check: state DATCP Tourist Rooming House License + State of Wisconsin sales and use tax permit + Brown County room tax registration + City of Green Bay STR registration + proof of liability insurance + floor plan + local contact person (name, phone, 24-hour availability commitment). Out-of-state investors managing Green Bay STRs must have a local property management company or designated local contact to satisfy the local contact requirement.
Documentation protocol for Wisconsin dairy farming bank statement files: The dairy farming bank statement is the most income-complex agricultural bank statement in the BFF portfolio because of the interaction of three factors: milk price volatility, equipment depreciation, and farm partnership structure. (1) 24-month mandatory for all dairy farm bank statements: Class III milk prices (the milk class used for Wisconsin’s dominant cheese production) have historically varied 40-60% from peak to trough on a 2-3 year price cycle. A 12-month window that happens to capture a peak Class III year will dramatically overstate sustainable income; a trough year will understate it. 24 months provides a more representative average. (2) Milk cooperative payment history required: obtain 24 months of milk check statements from the farm’s cooperative (DFA, Land O’Lakes, Organic Valley, or smaller regional cooperatives). These statements show the monthly milk production volume, average price per hundredweight (cwt), and total monthly payment. The milk check shows the actual operating income from milk sales before deducting farm operating expenses that flow through the farm’s Schedule F. (3) Schedule F and CPA letter: dairy farms with high equipment costs (automated milking systems can cost $500,000-$1.5M; large farm tractors $150,000-$400,000; manure management systems $100,000-$500,000) show large depreciation deductions on Schedule F that dramatically reduce apparent net farm income vs. gross milk check deposits. A CPA letter confirming that the Schedule F deductions are primarily non-cash depreciation and amortization (not actual cash expenses in the current year) is the underwriting document that explains the gap. (4) Farm partnership and LLC structures: many multi-generation Wisconsin dairy farms operate through partnerships or LLCs. Document the borrower’s ownership percentage; the K-1 (from the partnership/LLC) showing the borrower’s share of farm income; and the milk check deposits that flow to the farm entity’s business bank account vs. the borrower’s personal account. (5) FSA records: the USDA Farm Service Agency (FSA) maintains production records for all participating dairy farms; request a letter from the county FSA office confirming the borrower’s dairy operation is active, the number of cows in the herd, and historical milk production history. This confirms the farming operation’s legitimacy and scale.
Northwoods seasonal DSCR underwriting protocol: Northwoods lake properties have a distinctly different seasonal income distribution than Door County (which has a longer shoulder season due to fall foliage, cherry harvest, and growing winter tourism) or Wisconsin Dells (which has an extraordinary but brief summer concentration). Northwoods DSCR underwriting: (1) Model seasonal vacancy conservatively: the Northwoods has two demand peaks — summer fishing and lake recreation (June through August; the strongest peak) and winter snowmobile and ice fishing (December through March; a genuine second peak in markets with good trail access). Spring (April-May) and fall (September-November, with October foliage as the shoulder peak) are transitional periods with moderate demand. Total annual occupancy for a well-positioned Northwoods lake cabin with strong marketing: 55-70%. A DSCR underwriting that assumes year-round occupancy will overstate income; model specific monthly occupancy rates that reflect the two-peak, two-trough seasonal pattern; (2) Snowmobile trail access is a material DSCR factor: in the Northwoods, a cabin with direct groomed snowmobile trail access (many Northwoods properties have a groomed trail that passes within 100 yards of the property) commands 30-50% higher winter STR rates than a comparable property without trail access; confirm the specific property’s proximity to the Northwoods groomed snowmobile trail network before underwriting winter income; (3) Northwoods acquisition price advantage vs. Door County: the most compelling feature for DSCR underwriting is the acquisition price differential; a quality 3-4BR lakefront cabin on a good Vilas County lake may be acquired for $200,000-$500,000 in Eagle River or Minocqua; a comparable quality lakefront cottage in Door County (Ephraim or Fish Creek) would cost $500,000-$2,000,000. The lower Northwoods acquisition prices make DSCR ratios significantly more achievable even after accounting for lower peak season nightly rates ($250-$450/night Northwoods peak summer vs. $350-$600/night Door County peak); (4) Lake quality and water body type matters: not all Northwoods lakes are equal for STR DSCR; spring-fed, clear-water lakes with good swimming depths (minimum 4-6 feet from shore to 10 feet within reasonable swimming distance) and good fishing reputation (walleye, muskie, bass populations documented in WDNR fishing survey data) command the highest premiums; impoundment (flowage) lakes or lakes known for algae or low clarity command lower rates; confirm the specific lake’s WDNR lake survey rating and any DNR-issued invasive species management plans (milfoil, Eurasian watermilfoil, zebra mussels) that may affect property desirability.
Wisconsin’s Non-QM geography is anchored by four distinct STR markets (Door County Great Lakes, Lake Geneva Chicago-escape, Wisconsin Dells waterpark tourism, Green Bay Packers game-day), the most affordable Northwoods lake country DSCR acquisition prices in the Upper Midwest, and a bank statement market driven by dairy farm income complexity and Milwaukee/Madison Fortune 500 self-employment — all under a licensing framework with the highest Banker bond in the BFF series ($300,000) and a critical dual-license structure (Banker License does NOT authorize brokering).
Door County (the “thumb” of Wisconsin’s peninsula into Lake Michigan; 30 miles long; 298 miles of Lake Michigan and Green Bay shoreline; 11 towns, 10 villages, 5 state parks including Peninsula State Park [one of the most visited WI state parks; hiking, biking, kayaking, fall foliage tours]) is Wisconsin’s most beloved vacation destination and the most Chicago-proximate major Great Lakes STR market in the BFF series. The geography is compelling: 2.5-3 hours from Chicago; 2 hours from Milwaukee; accessible from Milwaukee, Madison, and Green Bay. The dominant buyer demographic for Door County vacation investment properties is Chicago-based families, retirees, and investors — some Door County real estate markets see 60-70%+ of purchases by Illinois residents. Key Door County STR towns: Fish Creek (Peninsula State Park adjacent; most popular tourist town in Door County; restaurants, shops, waterfront access; very active STR market); Ephraim (the charming harbor village; one of the most scenic waterfront settings; Green Bay side; bluff-top views; active STR); Sister Bay (northern Door County; downtown shopping and dining; active STR); Egg Harbor (southern Door County; accessible; active STR; growing year-round visitor traffic); Sturgeon Bay (the county seat; at the base of the peninsula where the Sturgeon Bay ship canal connects Lake Michigan and Green Bay; more affordable property prices; two drawbridges over the canal create a distinctive entry experience); Washington Island (accessible only by ferry; the most remote Door County community; very limited STR inventory; premium pricing for the island exclusivity). Regulatory framework: Wisconsin’s Right to Rent law (2017-19 state budget; WI Stat. §66.1014) prevents municipalities from banning STR activity outright. This is the most structurally protective state-level STR law in the BFF Midwest portfolio. State: DATCP Tourist Rooming House License ($110 valid up to 3 years; health and safety inspection). Door County: monthly room tax reports to the Door County Tourism Zone Commission. Municipal permits: many Door County municipalities have local STR permit programs (Fish Creek, Egg Harbor, Sister Bay, Ephraim have local permit requirements or are developing them; verify the specific municipality before submitting). Peak season: June-October (July-August absolute peak; fall foliage October); winter is softer but growing. Cherry blossom and cherry harvest (July) is a unique Door County draw.
Lake Geneva (Walworth County; the City of Lake Geneva on Geneva Lake’s north shore; 65 miles from Chicago) has been Chicago’s summer lake destination since the 1890s when Chicago’s Gold Coast industrial families built estate mansions on the lakefront. The Wrigley family, the Swift family, and the Maytag family all had Lake Geneva connections. Today it remains the dominant Wisconsin weekend destination for Chicago residents with the cultural cachet of its 130-year resort pedigree. Lake Geneva STR regulatory specifics (City of Lake Geneva Chapter 18, Article XII): STR defined as lodging for more than 6 but fewer than 29 consecutive days (this definition is the investor-critical constraint: minimum stay is 6 nights); STRs permitted in all zoning districts where residential dwellings are permitted; 180-day annual rental limit; annual city STR license required ($400/year); state DATCP Tourist Rooming House License required; state sales tax (5%) + Geneva Lake Area Joint Room Tax Commission room tax (8%) = approximately 13% combined. The 6-night minimum is the defining investment constraint: Lake Geneva investors cannot run standard Airbnb 2-3 night weekend bookings within the city limits. The business model must be structured around weekly stays (6-7 nights), which is closer to traditional weekly vacation rental property management than modern nightly-optimized STR management. AirDNA projections for Lake Geneva properties should model weekly occupancy rates during peak summer (June-August) and shoulder seasons (May, September-October), not nightly-rate optimization curves from comparable markets. Properties on or very near Geneva Lake command significant price premiums: direct waterfront is $1M-$5M+; near-lake bluff properties $400K-$1M; non-lake properties in walking distance of downtown $200K-$500K. Williams Bay (on the north shore of Geneva Lake, west of the city), Fontana (south shore), and Lake Como (east; the other Geneva Lake-adjacent body of water) offer more accessible price points with access to the same tourist economy.
Wisconsin Dells (Columbia County; City of Wisconsin Dells + Village of Lake Delton; the merged resort area; located on the Wisconsin River; 57 miles north of Madison; I-90/94 access) claims the title of “Waterpark Capital of the World” with justification: Noah’s Ark Waterpark (79 acres; America’s largest waterpark; open June through Labor Day; the anchor of the indoor-outdoor Dells economy); Kalahari Resorts (the largest indoor waterpark resort in the US until surpassed by competitor; African safari theme; major conference and family group destination); Wilderness Resort (claims to be America’s largest waterpark resort by lodging room count; four indoor and four outdoor waterparks); Great Wolf Lodge (family-focused indoor waterpark resort; year-round operation); Chula Vista Resort, Glacier Canyon Lodge, Mount Olympus Water & Theme Park, and dozens of smaller waterparks and amusement attractions. Total annual visitors: 4M+; the concentration of family-tourism spend per square mile in the Dells is extraordinary by any national comparison. Dells STR regulatory framework: the City of Wisconsin Dells distinguishes between: (1) Tourist Rooming Houses (TRH) — commercially zoned properties; no primary residence requirement; may be rented for unlimited days per year; the appropriate vehicle for investment STRs; requires Wisconsin DATCP TRH license + City of Wisconsin Dells STR permit ($500/year); (2) Residential STRs — must be the owner’s primary residence; limited to 180 consecutive days per year; residential zoning. For DSCR investors, the TRH/commercial classification is the correct path. Combined tax rate: approximately 11.5% (5% state sales tax + 0.5% Columbia County room tax + 5% City of Wisconsin Dells room tax + 1.25% premier resort area tax). Seasonal income dynamics: July 4 week and August are the absolute peak; summer Memorial Day through Labor Day captures 75-80% of annual STR revenue; winter and spring are very soft. The DSCR underwriting must annualize the concentrated summer income — confirm that lender uses annualized income rather than monthly snapshot.
Green Bay (Brown County; population ~105,000; Wisconsin’s third-largest city; on the south end of Green Bay bay; northeast Wisconsin) is defined globally by one institution: the Green Bay Packers. The Packers (founded 1919; the only non-metropolitan NFL franchise; the only publicly-owned nonprofit NFL team; 360,000+ shareholders who collectively own the franchise through a unique community ownership model) play at Lambeau Field (capacity 81,441 after the Atrium addition; the field was named after Earl “Curly” Lambeau in 1965; the stadium is the third-largest in the NFL by capacity; the Titletown District adjacent to the stadium includes restaurants, an ice skating ribbon, a slide hill, hotel, athletic performance facility, and the Green Bay Packers Hall of Fame). The Packers hold the NFL record for consecutive home game sellouts — the streak has exceeded 20 consecutive years and counting. Packers game day STR economics: 8-9 home games per season (including preseason); out-of-state Packers fans book STRs near Lambeau Field 6-12 months in advance for the most coveted games (rivalries with the Chicago Bears, Dallas Cowboys, and New York Giants draw the most travel); properties within 3-5 miles of Lambeau Field ($350-$750 per night on game weekends for a standard 3BR home; larger homes and premium properties $750-$1,500+/night) vs. non-game weekend rates of $80-$150/night. The annual Packers home game calendar must be verified and included in AirDNA projections for any Green Bay STR file. STR regulatory framework: DATCP Tourist Rooming House License; state sales permit; Brown County room tax registration; City of Green Bay STR registration; proof of liability insurance; detailed floor plan; local contact person (required for out-of-town property owners; must be available to respond within a specified timeframe). Green Bay LTR DSCR: beyond game weekends, Green Bay has a stable healthcare/corporate/manufacturing tenant base: Bellin Health (major regional healthcare system), HSHS St. Vincent Hospital (hospital system), Green Bay Packaging, Schneider National (Fortune 500; transportation logistics; Green Bay HQ), Associated Banc-Corp (Green Bay HQ; one of the largest Midwest regional banks), Georgia-Pacific (large Green Bay division; paper and tissue products). Median home price approximately $230,000 — accessible LTR DSCR with stable employment anchor.
The Wisconsin Northwoods lake country (Vilas County, Oneida County, Iron County, Lincoln County) is the most lake-dense geography in the world by some measures: Vilas County alone has approximately 1,300 named lakes and thousands more unnamed water bodies, with approximately 2,900 total water bodies — the most lakes per square mile in the world by many counts. The Northwoods STR economy is built around: Summer lake culture (fishing [Wisconsin’s state fish is the muskie; Eagle River and the Minocqua area claim the “Muskie Capital” title; Vilas County bass, walleye, and muskie fishing draws anglers from Chicago, Milwaukee, and the entire Midwest]; boating; waterskiing; kayaking; stand-up paddleboarding on pristine inland lakes); Fall color season (the Northwoods fall foliage is among the most spectacular in the Midwest; late September through mid-October; drives significant cabin occupancy); Winter snowmobile culture (Wisconsin has one of the largest groomed snowmobile trail networks in the US; the Northwoods has the most extensive trail system; snowmobile clubs maintain hundreds of miles of trails; December-March snowmobile season is the Northwoods’ second tourism peak); Ice fishing (walleye and perch ice fishing on Northwoods lakes; December through March; ice fishing tournaments and the famous Boulder Junction area are national draws). Northwoods DSCR economics: the most compelling feature of the Northwoods for DSCR investors is acquisition price relative to Door County or Lake Geneva: a lakefront 3-4BR cabin on a quality Vilas County lake may be acquired for $200,000-$500,000 — where comparable Door County lakefront would be $500,000-$2,000,000. The DSCR entry economics are therefore significantly more accessible. Key markets: Minocqua (the most commercially active Northwoods town; the “Island City” because it’s almost entirely surrounded by water; Minocqua Lake, Kawaguesaga Lake, and Lake Minocqua ring the town; strong STR market); Eagle River (Vilas County seat; the Chain O’ Lakes area [28 interconnected lakes — the world’s largest chain of inland lakes]; the “Snowmobile Capital of the World” designation); Boulder Junction (Vilas County; the “Muskie Capital of the World”; artsy small community with strong cabin rental culture); Land O’ Lakes (Vilas County; near the Michigan border; quiet high-quality lake area).
Wisconsin’s bank statement market has two distinct strands: agricultural and corporate. Dairy farming bank statement: Wisconsin is the #1 US cheese-producing state (producing 25%+ of all US cheese); approximately 7,000 dairy farms remain (down significantly from 30,000+ farms 20 years ago; surviving farms are substantially larger and more mechanized). Dairy farm income is the most income-complex agricultural bank statement scenario in the BFF portfolio: milk check payments arrive monthly or bi-monthly from the milk marketing cooperative (major Wisconsin cooperatives: Dairy Farmers of America [DFA], Land O’ Lakes, Organic Valley) but the amount fluctuates dramatically with federal milk pricing (Class I-IV milk prices; the federal milk marketing order system sets minimum prices for different uses of milk; Class III [cheese] prices are particularly variable and directly affect the income of Wisconsin dairy farmers whose milk goes to cheese production); large capital purchases (milking systems, automated stalls, tractors, manure handling systems) create significant depreciation deductions on Schedule F; farm partnership and LLC structures complicate income attribution; FSA (Farm Service Agency) records and USDA dairy support payments may need to be factored in. 24-month mandatory to normalize across Class III price cycles (which can vary 40-60% year to year) and capital purchase years. Documentation: 24-month bank statements + milk cooperative payment history showing monthly/bimonthly deposits + Schedule F tax returns (to confirm the farming operation and document that deductions are legitimate agricultural expenses, not actual cash outflows) + FSA records + any USDA support payment statements. Milwaukee metro bank statement: Johnson Controls (Glendale, WI; Fortune 100; building technologies and solutions; major Milwaukee area employer), Rockwell Automation (Milwaukee; the world’s largest company dedicated to industrial automation and digital transformation; Fortune 500), Harley-Davidson (Milwaukee; one of the most iconic American brands; engineering, design, and corporate functions in Milwaukee), Kohl’s (Menomonee Falls; Fortune 100 retailer; major WI employer), ManpowerGroup (Milwaukee; Fortune 500; global workforce solutions). Executives and senior professionals from these companies who start consulting or advisory practices after corporate careers are bank statement borrowers. Madison metro bank statement: Epic Systems (Verona, WI — just west of Madison; ~10,000 WI employees; runs EHR software for 78%+ of US hospital patients; Epic is private and pays very well but also has significant equity-like deferred compensation programs); American Family Insurance (Madison; one of the largest US mutual insurance companies; significant Madison employer); Exact Sciences (Madison; molecular diagnostics; Cologuard cancer screening test; growing public company). UW-Madison (45,000+ students; Big Ten; WARF technology licensing generates millions in royalty income for UW faculty spin-out companies; faculty researchers who start biotech or medical device companies are bank statement borrowers when their companies reach early revenue).
Every BFF program available to licensed Wisconsin mortgage professionals statewide — from Door County Great Lakes STR DSCR to Lake Geneva weekly-stay STR to Wisconsin Dells waterpark TRH STR to Green Bay Packers game-day STR to Northwoods lake DSCR to dairy farm bank statement to Milwaukee/Madison corporate bank statement.
298-mile Lake Michigan + Green Bay shoreline; 2.5-3 hrs Chicago; Fish Creek (Peninsula State Park), Ephraim, Sister Bay, Egg Harbor, Sturgeon Bay, Washington Island ferry. Right to Rent law protects investor STRs. DATCP TRH license + Door County Tourism Zone Commission monthly room tax + local municipality permits (varies). Peak June-October; fall foliage October; cherry harvest July. #1 Wisconsin vacation destination.
DSCR STR · Right to Rent · Chicago draw65 miles Chicago; Geneva Lake; 6-night minimum stay ordinance; 180-day annual cap; $400/yr city license; ~13% combined tax; weekly-stay model (not nightly Airbnb); peak summer + Memorial-Labor Day. Williams Bay and Fontana offer more accessible acquisition. Direct lakefront $1M-$5M+; near-lake bluff $400K-$1M. Right to Rent protected. Chicago-wealthy buyer demographic.
DSCR STR · 6-night min · Weekly model4M+ annual visitors; Noah’s Ark (America’s largest waterpark); Kalahari; Wilderness Resort; Great Wolf Lodge. TRH (commercial zone; investor STR; unlimited days) vs. STR residential (owner-primary; 180-day). Combined tax ~11.5%. STR permit $500/yr. Summer July-August peak. I-90/94 access; 57 miles north of Madison. Confirm commercial zoning TRH status before submitting any Dells investor file.
STR TRH commercial · Summer peak annualizeLambeau Field (81,441 capacity; NFL consecutive sellout leader). 8-9 Packers home games/year; $400-$1,000+/night game weekends vs. $80-$150/night off-season. AirDNA must include all Packers home game dates. DATCP TRH + Brown County room tax + city registration + proof of insurance + local contact. LTR: Bellin Health, HSHS St. Vincent, Schneider National (Fortune 500), Associated Banc-Corp. Median home ~$230K.
STR Packers + LTR healthcare~2,900 water bodies in Vilas County alone (world’s most lake-dense area). Minocqua (Island City; lake-surrounded), Eagle River (Chain O’Lakes; 28 interconnected lakes; Snowmobile Capital), Boulder Junction (Muskie Capital), Land O’Lakes. Lakefront 3-4BR cabin $200K-$500K (most affordable Upper Midwest lake STR pricing vs. Door County $500K-$2M+). Summer peak; fall foliage; snowmobile December-March; ice fishing.
DSCR STR · Most affordable WI lake entryJohnson Controls (Fortune 100), Rockwell Automation (Fortune 500), Harley-Davidson, Kohl’s (Fortune 100), ManpowerGroup (Fortune 500). Marquette University, UW-Milwaukee, Medical College of Wisconsin, Froedtert Health. Median 2BR rent $1,177 (2025). Milwaukee revitalization: Third Ward, Walker’s Point, Bay View. LTR DSCR: $150K-$280K acquisition; healthcare and university anchor. Bank statement: Fortune 500 alumni consultants.
LTR DSCR · Bank Statement · Fortune 500UW-Madison (Big Ten; 45,000+ students; WARF tech licensing), Epic Systems (Verona; ~10K WI employees; 78%+ US hospitals; private company), American Family Insurance, Exact Sciences (Cologuard). State capital employment base. Strong LTR: near-UW campus housing, UW Health workforce. Bank statement: Epic alumni consultants; biotech spinouts; WARF licensees. Median home price $310K; near-campus properties premium.
LTR DSCR · Bank Statement · Epic/UWDairy farming: #1 US cheese state; ~7,000 farms; DFA/Land O’Lakes/Organic Valley milk cooperatives; Class III milk price volatility; equipment depreciation; Schedule F; 24-month bank statement. Fox Valley (Appleton, Neenah, Oshkosh): paper, printing, manufacturing corridor; business owner bank statement. Kohler (Sheboygan County): Destination Kohler luxury resort; American Club; Kohler supplier network bank statement.
Bank Statement · 24-month dairy · Farm complexBusiness purpose loans for investment properties are available in Wisconsin. These loans are exempt from consumer lending regulations.
WI Banker License #243082BA activated, $300K bond maintained (series high), dual-license distinction clearly documented, Lake Geneva weekly-stay AirDNA model, Dells TRH commercial zoning pre-verification, all Packers home games in Green Bay AirDNA, dairy farm 24-month milk cooperative protocol, Northwoods seasonal two-peak DSCR modeling, and every program for the Badger State.
BFF holds WI Mortgage Banker License #243082BA from the DFI. $300K bond maintained (the highest in the BFF series). $250,000 net worth maintained with CPA Reviewed and annually Audited financial statements. No QI required. Max 5 trade names maintained. The Banker License does NOT authorize brokering — BFF broker partners hold the separate WI Broker License. Renewal December 31.
For all Door County STR DSCR files, BFF confirms the property holds a current DATCP Tourist Rooming House License, documents compliance with the Door County Tourism Zone Commission monthly room tax reporting, and verifies the specific municipality’s local STR permit requirement (Fish Creek, Sister Bay, Ephraim, Egg Harbor all have different local rules). AirDNA trailing periods confirm June-October peak including fall foliage.
BFF models Lake Geneva STR DSCR files using weekly occupancy rates (not standard nightly-rate AirDNA curves) reflecting the 6-night minimum booking floor. Weekly peak summer (June-August) occupancy rates × average weekly rate for the specific property type are used instead of standard daily rate models. The 180-day annual cap means maximum approximately 26 bookable weeks per year.
For every Wisconsin Dells investor STR DSCR file, BFF confirms that the subject property is in commercial zoning with TRH status (not residential zoning with the 180-day owner-primary restriction) before accepting or pricing the file. Residential Dells properties without owner-occupancy are not compliant for unlimited-day STR operation; submitting one is the most common Dells underwriting error.
For all Green Bay Lambeau Field STR DSCR files, BFF confirms that the complete Packers home schedule (8-9 games) is captured in the AirDNA trailing period, that game-weekend rates ($400-$1,000+/night) vs. non-game-weekend rates ($80-$150/night) are correctly weighted in the income projection, and that all STR regulatory compliance requirements (DATCP TRH + Brown County room tax + city registration + insurance + local contact person) are satisfied.
For dairy farm bank statement files, BFF requires 24 months of bank statements, 24 months of milk cooperative payment statements (DFA, Land O’Lakes, or Organic Valley), Schedule F tax returns with a CPA letter explaining that the Schedule F deductions are primarily non-cash equipment depreciation (not actual cash outflows), and FSA records confirming the active dairy operation. Class III milk price cycles make 24-month mandatory to normalize income.
WI broker partners hold the Wisconsin Mortgage Broker License from the DFI (separate from BFF’s Banker License). $120K bond mailed to DFI + NMLS; $100K net worth; CPA Reviewed financial statements; max 5 trade names. Remember: WI Banker License does NOT authorize brokering.
Your brokerage must hold an active Wisconsin Mortgage Broker License from the WI DFI Division of Banking. This is a separate license from BFF’s Mortgage Banker License #243082BA — the Banker License does NOT authorize brokering to wholesale lenders. The Broker License allows entities to find and negotiate residential mortgage loans on behalf of investors or applicants, including table-funded loans. Requirements: $100,000 minimum net worth (documented with CPA Reviewed financial statements; financial statements include Balance Sheet, Income Statement, Statement of Cash Flows); no formal QI required; no in-state office required (principal office may be located in another state); maximum 5 trade names (DBAs) permitted per licensee; entity registration with Wisconsin Secretary of State (Certificate of Good Standing); registered agent in Wisconsin. DFI: 201 W. Washington Ave., 5th Floor, Madison, WI 53703; (608) 261-7578; [email protected]. Renewal December 31. Application fee: $850. NMLS processing fee applies.
Wisconsin Mortgage Broker License applicants must file a $120,000 surety bond (minimum; increases by $10,000 for each branch location above 5 licensed locations). The bond must be issued by a surety company authorized to do business in Wisconsin; it secures the licensee’s faithful performance of mortgage broker duties; and it includes a provision that the bond cannot be terminated without at least 60 days’ written notice to the WI DFI Division of Banking. Bond submission: the surety bond documentation should be mailed to the Wisconsin Department of Financial Institutions, Division of Banking, PO Box 7876, Madison, WI 53707-7876 (physical address: 201 W. Washington Ave., 5th Floor, Madison, WI 53703 for overnight delivery). The bond is also submitted through NMLS. Confirm with your surety company whether they will handle the NMLS electronic bond filing or whether the original must be mailed separately. The WI DFI Mortgage Banker License (#243082BA, held by BFF) carries the highest Banker bond in the series at $300,000 — a significant distinction for broker partners to understand when evaluating the wholesale relationship.
Wisconsin requires financial statements prepared by a Certified Public Accountant (CPA) for both the Broker and Banker license applications. The financial statements must be Reviewed by the CPA (not merely Compiled; a CPA Review provides a higher level of assurance than a Compilation but less than an Audit). The statements must include a Balance Sheet, Income Statement, and Statement of Cash Flows and demonstrate a minimum net worth of $100,000 (Broker). For the Mortgage Banker License (which BFF holds), Reviewed statements are required for the initial application and Audited financial statements are required annually thereafter. Maximum 5 trade names: Wisconsin Statutes Chapter 224 limits licensees to no more than 5 trade names (DBAs) under a single mortgage license. This is a distinctive restriction not found in most other BFF series states — if your firm uses multiple DBAs in Wisconsin, confirm the count does not exceed 5 across the Broker license. Each trade name must be disclosed to the DFI and identified in the NMLS company profile for Wisconsin.
All originating loan officers must hold active Wisconsin Mortgage Loan Originator licenses from the WI DFI. Requirements: 20-hour NMLS-approved pre-licensing education (standard SAFE curriculum); SAFE National Test with Uniform State Test (UST) component; FBI criminal background check + credit report authorization; 8-hour annual continuing education. Wisconsin MLO license fee: $250. Unlike West Virginia (which requires an additional 2-hour WI state law supplemental), Wisconsin does not require state-specific supplemental pre-licensing hours beyond the standard 20-hour NMLS curriculum — the 20-hour national course plus the SAFE National Test with UST component is sufficient for WI MLO licensing. Employment sponsorship: Wisconsin requires that the MLO be sponsored by a licensed WI mortgage broker or banker before originating WI loans. Confirm sponsorship is active in NMLS before any WI closings. Renewal December 31.
Submit BFF’s Broker Application Package from the Resource Center. WI-specific file notes: Door County DSCR STR — confirm DATCP TRH license; confirm Door County Tourism Zone Commission room tax registration; verify specific municipality local STR permit requirement; peak season June-October; Right to Rent law protects investor STRs. Lake Geneva DSCR STR — confirm 6-night minimum stay ordinance applies; use weekly-stay AirDNA model (not nightly-rate optimization); 180-day annual cap = approximately 26 bookable weeks maximum; $400/yr city license; ~13% combined tax. Wisconsin Dells STR — confirm TRH commercial zoning before accepting; residential STR = owner-primary + 180-day limit = not suitable for investor DSCR; confirm STR permit ($500/yr); annualize summer peak income. Green Bay Packers STR — confirm all Packers home games (8-9 per season) are in AirDNA trailing period; distinguish game-weekend rates ($400-$1,000+) from non-game rates ($80-$150); confirm DATCP TRH + Brown County room tax + city registration + local contact person. Dairy farm bank statement — 24-month mandatory; milk cooperative payment history; Schedule F; CPA letter on depreciation; FSA records. Northwoods DSCR — two-peak seasonal model (summer + winter snowmobile); confirm snowmobile trail access for winter income; conservative shoulder vacancy; compare WDNR lake survey for water quality. E&O required. Business purpose permitted.
A dedicated BFF Account Executive will reach out within 1–2 business days. You’ll receive portal access, rate sheets, and introductions to WI-specific programs: Door County Great Lakes STR DSCR (Right to Rent protected; DATCP TRH; Chicago-proximate; Fish Creek/Ephraim/Sister Bay/Egg Harbor), Lake Geneva Chicago Playground STR DSCR (6-night minimum; weekly model; Williams Bay/Fontana accessible pricing), Wisconsin Dells Waterpark TRH STR DSCR (TRH commercial only; 4M+ annual visitors; Noah’s Ark; Kalahari; Wilderness Resort), Green Bay Packers Lambeau Field game-day STR DSCR (8-9 home games; $400-$1,000+/game weekend; all games in AirDNA), Northwoods lake STR DSCR (Vilas County 2,900+ lakes; $200K-$500K acquisition; most affordable Upper Midwest lake STR; snowmobile winter second peak), Milwaukee metro LTR DSCR (Johnson Controls/Rockwell/Harley-Davidson Fortune 500 anchor), Madison LTR DSCR (Epic Systems/UW-Madison/UW Health anchor), Wisconsin dairy farming bank statement (24-month + milk cooperative history + Schedule F + CPA depreciation letter + FSA records), Milwaukee/Madison Fortune 500 alumni bank statement, Fox Valley manufacturing bank statement, retired dairy farmer asset utilization (farm sale proceeds), Epic Systems ESOP asset utilization, Door County and Lake Geneva second home conventional, luxury Jumbo to $5M (Geneva Lake estates; Door County waterfront; River Hills Milwaukee; western Madison suburbs), USDA Rural Development (vast majority of WI geography outside Milwaukee/Madison/Green Bay cores), and FHA + WHEDA first-time buyer programs.
Ready to close in Wisconsin?
Yes. BFF (FlexPoint, Inc.) holds Wisconsin Mortgage Banker License #243082BA, issued by the Wisconsin Department of Financial Institutions (DFI), Division of Banking, under Wisconsin Statutes Chapter 224, Subchapter III. NMLS #243082. Key requirements: $300,000 Mortgage Banker surety bond (the highest company-level bond in the BFF series; mailed to WI DFI Division of Banking, PO Box 7876, Madison, WI 53707-7876 and submitted through NMLS; cannot be terminated without 60 days written notice to DFI); $250,000 minimum net worth documented with CPA Reviewed financial statements initially, Audited annually thereafter; WI Mortgage Banker License does NOT authorize brokering — broker partners separately hold the WI Mortgage Broker License; maximum 5 trade names permitted; no QI required; no in-state office required. Renewal December 31. DFI: (608) 261-9555. Verify at NMLS Consumer Access.
Yes. Door County (the Door Peninsula; 298 miles of Lake Michigan and Green Bay shoreline; 2.5-3 hours from Chicago) is Wisconsin’s premier vacation destination and BFF’s primary Great Lakes STR DSCR market. Wisconsin’s Right to Rent law (2017-19 state budget; WI Stat. §66.1014) prohibits municipalities from banning STR activity outright — municipalities may regulate conduct but cannot impose blanket prohibitions on rentals shorter than 30 days, making Door County one of the most structurally investor-friendly STR markets in the Midwest. State requirement: DATCP Tourist Rooming House License ($110 valid up to 3 years). Door County: monthly room tax reports to the Door County Tourism Zone Commission. Many Door County municipalities also require local STR permits (Fish Creek, Sister Bay, Ephraim, Egg Harbor — verify the specific municipality). Peak season June-October; fall foliage October secondary peak. BFF DSCR: up to $3.5M at 85% LTV, minimum 640 FICO.
The City of Lake Geneva defines a short-term rental as lodging for more than 6 but fewer than 29 consecutive days. This 6-night minimum is a hard regulatory floor: Lake Geneva investors cannot rent their properties for the standard 2-3 night Airbnb weekend bookings that optimize revenue in most STR markets. Instead, Lake Geneva operators run a weekly vacation rental business — marketing one-week stays to Chicago families and couples seeking a full-week Geneva Lake experience. AirDNA projections must use a weekly-stay model: peak summer season (June-August; approximately 13-14 weeks) modeled by weekly occupancy rates and average weekly rental rates — not the nightly-rate optimization curves that work for Green Bay or Door County. The 180-day annual rental cap (a separate constraint from the 6-night minimum) means approximately 26 maximum bookable weeks per year. The $400/year city STR license and combined tax rate of approximately 13% (5% state + 8% local) must also be factored into DSCR cash flow projections. BFF DSCR: up to $3.5M at 85% LTV, minimum 640 FICO.
Yes. Wisconsin dairy farming is the most income-complex agricultural bank statement scenario in the BFF portfolio. Wisconsin is the #1 US cheese-producing state; approximately 7,000 dairy farms remain. Dairy income complexity: milk check payments arrive monthly or bimonthly from cooperatives (DFA, Land O’Lakes, Organic Valley) but amounts fluctuate significantly with Class III milk prices (the milk class used for cheese; 40-60% price variation over multi-year cycles); large equipment depreciation (automated milking systems $500K-$1.5M; tractors $150K-$400K) dramatically reduces Schedule F taxable income below actual cash flow; farm partnership LLCs complicate income attribution. 24-month mandatory to normalize across price cycles. Required documentation: 24-month bank statements + 24-month milk cooperative payment history + Schedule F tax returns + CPA letter explaining that the Schedule F deductions are primarily non-cash equipment depreciation + FSA records confirming the active dairy operation. BFF Bank Statement: up to $4M at 90% LTV, minimum 620 FICO.
Apply through BFF’s Become a Broker Partner page. WI broker partners hold the Wisconsin Mortgage Broker License (Chapter 224 Broker) from the WI DFI — separate from BFF’s Banker License; the Banker License does NOT authorize brokering. Requirements: $100,000 minimum net worth (documented with CPA Reviewed financial statements; Balance Sheet, Income Statement, Statement of Cash Flows); $120,000 surety bond (minimum; increases $10,000 per branch above 5 locations; mailed to WI DFI Division of Banking, PO Box 7876, Madison, WI 53707-7876 and processed through NMLS; 60-day termination notice required); maximum 5 trade names; no QI required; no in-state office required; entity registered with WI Secretary of State; MLO licenses for all originators (20-hour NMLS + SAFE National Test + UST + 8-hour annual CE; fee $250; no WI-specific supplemental course required); E&O coverage required. Renewal December 31. DFI: (608) 261-7578; [email protected]. Approval typically 1–2 business days.
Yes. Green Bay Packers Lambeau Field game weekends produce the most concentrated STR demand spike in the Wisconsin portfolio. Properties within 5 miles of Lambeau Field (capacity 81,441; NFL’s longest consecutive sellout streak) command $400-$1,000+/night on game weekends vs. $80-$150/night on non-game weeks. For Green Bay DSCR files, BFF requires that all 8-9 Packers home games per season be included in the AirDNA trailing period, that game-weekend vs. non-game-weekend rates are correctly weighted in the annual income projection, and that all Green Bay STR regulatory compliance is confirmed (DATCP Tourist Rooming House License, state sales permit, Brown County room tax registration, City of Green Bay STR registration, proof of liability insurance, floor plan, local contact person for out-of-town owners). Green Bay also has a stable LTR market anchored by Bellin Health, HSHS St. Vincent Hospital, and Schneider National (Fortune 500). BFF DSCR: up to $3.5M at 85% LTV, minimum 640 FICO.
Partner with BFF for fast, reliable wholesale lending in Wisconsin. Submit a scenario or become an approved broker today.
