Portfolio Lenders Phoenix

5 Replies

Hello,

Does anyone have any recommendations for any community banks or credit unions in Phoenix that do portfolio lending? Thought we would go through Vantage, but having a horrible experience with them taking over 45 days just to Refi our primary residence. Looking to purchase rental properties as soon as we find a lender we can do multiple properties with. Thanks in advance for your help!


Randy 

@Randy Trageton are you already maxed out at 10 rental properties? I was just curious if a portfolio lender is required? I do have an amazing lender in Phoenix who writes mortgages on non-commercial rental properties all day. He wrote the loans on all 6 of my properties.

@Ryan Hoover

No, we are just starting out and wanted to stay with the same lender for all of rentals until we max out. Everything I’ve seen on this forum seems to recommend working with local community banks or credit unions to start out. Please send me their contact info thanks Ryan.

Hi Randy, 

There are many great lenders, I consider myself one of them, that you are able to help you purchase up to 10 financed properties.  I would not recommend a portfolio lender unless you want to deal with higher rates and long underwriting timelines.    

You can buy several homes at one time or spread your purchases out.  Currently, our avg loan close time is 17 days, so the process can move quickly, and in fact that is one negotiating tool that you can use to get a sales contract in a tough sellers market.  Offer the same dollar value as the next person, but closing in 15-20 days instead of 30 days is attractive to a seller.

20% down vs 25% down is another item to think about.  Definitely compare the numbers and see what is more important to you, a lower rate/payment or more capital to buy more homes.

Reach out if you have any questions.