Can anyone recommend or guide me to a bank or banks with a good track record lending to Self-employed investors buying properties? Area South-Flordia, NJ, etc...
Hello Gregg! I'm sorry to have to say here are that no banks are any good. They are the last group I would go to unless you know somebody there that would help you. Their experience has taught them many things but none that will help you. Unless you are going there to get a "special" loan like a house hacker loan with a low down payment and it is insured. Unless you have great credit and alot of cash they will not help you. they usually require 20% down and a long time to close and will not lend you any rehab or repair cost unless its a special loan like a house hacker. It kind of depends on your purpose and how good the deal is. If its a good deal you can get a loan from anybody in the Private Money lender or a Partnership. It will usually cost you more but be less of a hassle.
Good luck to you!
I think what everyone is trying to do is get the best deal for themselves. Banks with big names are more prone to say no then yes. You are trying to find the money cheaply, to do this you will have to look harder for the money. After all nothing comes for free..... there are consultants out there that find you the best deal available but they cost money at closing on top of what the lender wants. You do win if you can take a point or two for the consultant.
Here is what I have told others, you can spend 20 hours a week for a month to find the best lender for each deal you make or you can pay someone to do it for you. I know once you know how to do it you don't need someone to help you...but, then you get big enough that you have ten loans out and you want to do another deal where do you go from there? 20 hours for a month learning what to do for another month or pay someone to do the work for you.
So, I say learn what you need to know about the property, what the rehab or holding costs are. Just like you don't spend money learning how to install an HVAC system to a house because the one you bought needs a new one, use a financial consultant if you do not have the experience. I am not trying sell myself or anyone else here just stating my opinion.
Thank you for the advice, it's greatly appreciated.
Good information to work with. Thank you.