Portfolio lenders - for owner occupants only? (Georgia)
I was referred to a local who could help Georgia investors - basically I was asking for ways to leverage 4 rental houses (paid in cash) to further my purchasing power (cash out refi, portfolio loan, etc).
Needless to say, he didn't have much to offer, but wondering if any others have found ways around this.
Here is what he had to say:
"Unfortunately, due to recent government structuring of income guidelines for Loan Originators/Mortgage Companies/Banks I am unable to offer any help or solutions. In the past I had access to several portfolio lenders who offered blanket loans for situations like yours but now I only have a couple portfolio lenders and they only do owner occupied loans. I am not sure who would be best to recommend you to but a retail Wells Fargo rep maybe a good start. Wish I had options to offer as I never like telling someone I can not do their loan(s)."