BiggerPockets

I've been very successful with purchasing REO's for 10k-25k and renting them out for $625-$700 to sec. 8 tenants. I've used credit cards with fixed rates and Bank of America to mortgage the properties, but these types of loans are no longer available. Are there any banks that will finance non owner occupied rentals for 10k to 25k? Thanks, Ritch

Ritch feel free to give me a call (Numbers below) I can refer you to some local portfolio lenders...

Dustin

Ritch,
Markle Bank here in the Ft Wayne area will give commercial loans for these properties. In fact, they will even do a blanket loan. Don't know if they work the Indy area or not.
My contact there is Andy Marshall.
He is presently working with some friends of mine that are buying 3 of our properties on a blanket loan.
His e-mail is: [REMOVED]

I am not sure if I can leave that e-mail in or not. If they strip the e-mail before you read this. Send me a colleague request and PM me and I will send you his data.

Good Luck
Chris

Chris,
Will Markle Bank lend on these properties in Georgia? Can you email me Andy Marshall's contact info.

my email is in my signature.
thanks

Hi Ritch,

Sorry it took a while to get back with you... Here is a contact at US Bank. You can also contact Doug Thompson at Community Bank in Westfield. I do not have his number handy so I will get that to you at a later time. Contact Melissa at US Bank:

Here is a run down on their program...

Melissa says they'll do at least 70% with nearly all qualified people and up to 80% LTV with the right person and the right deal. They do 20 year am's with a five year fixed interest rate which is in the mid 6 to mid 7% range right now.

They are strictly a cash flow based lender, so assets don't matter too much - the property needs to cash flow on it's own and the borrower either personally or as their company needs to cash flow too. If a person/business cash flows well enough, that can offset a underperforming property.

They are fine with doing out of state borrows for assets that are local to where they have a branch presence.

If this doesn't make sense or you have any questions, just let me know…

Melissa A. Matney
US Bank
Commercial Banking
800 E. Main Street
Richmond, IN 47374

No Problem... I have a few other lenders as well and some Local HML's... Start here and if these do not work out I will get whatever info you need on these other lenders... Here is the general number for Doug-[REMOVED]... Good Luck and let me know if you have anything for sale too, thanks...

Josh,

While I agree with you about posting personal info, the numbers that I put on here were for the business, not for the individual. The number you took off was for a bank and not for a member on this site...

Dustin, it is still up to a business to advertise themselves in an approiate manner. Numbers and contact information has a way of getting posted incorrectly by mistake.

Just like trying to contact the white house using .com instead of .gov

These things do have a way of harming ones reputation and Josh wants the reputation of Bigger pockets to remain unscathed. The contact information should be given out in a PM message to each other and not in the open forum for these reasons and more.

Dustin may have, but there was another request for contact information in the open forum.

The point was to reiterate what Josh said Do this kind of request in the PM forum.

Ritch,

I have thought of doing the same thing,but haven't gone through with it. I get offers for 12- 16 months 1.9 % financing (cash advance), but just worry about "what do I do after the 12 months" if the banks with their credit crunch will not be able to mortgage them? How has it worked out for you? Please keep us updated.