Hey, I bought a property in Little Rock AR a few years ago, and now that home values have been skyrocketing the last few years I feel like I could get a good chunck of money out of a refinance.
I bought it turnkey so just went with the lender they recommended, how do you go about finding a lender, do you just start calling banks or is there a better way? Or if you have any recommendations on lenders you've had a good experience with in the past that would be amazing.
@Chris Dye Eagle bank is relatively a small bank and very conservative, I tried reading out to them a few times and had no luck. they come across as a bank that wants to do business only with people who are based in Central AR.
Hadar,
Yes, Eagle Bank is small (10-15 locations) and I do not personally bank there or deal with anyone other than my broker. I purchased my first property in Central AR 14 months ago while living in the UK so I have to disagree with you there. My main takeaway is that Morgan (903) 806-8565 is the absolute best to work with in this area. I guarantee you if you call her, you'll see what I mean. Cheers!
Investor · Little Rock, AR · Member since 2021 · 8 posts · 2 votes
4y
Zach,
I'm a local investor in the Little Rock area and have the absolute best mortgage broker in Morgan McCown of Eagle Bank Mortgage. I haven't refinanced anything through her yet but if you're looking to keep it local, I highly recommend reaching out to her. Her work ethic and knowledge are outstanding and If she can't get you what you're looking for she will point you in contact with someone who can help you out. I've closed 2 properties with her this year with 2 others under contract, all through Morgan. She is seriously the best at what she does.
@Chris Dye Eagle bank is relatively a small bank and very conservative, I tried reading out to them a few times and had no luck. they come across as a bank that wants to do business only with people who are based in Central AR.
@Chris Dye Eagle bank is relatively a small bank and very conservative, I tried reading out to them a few times and had no luck. they come across as a bank that wants to do business only with people who are based in Central AR.
Hadar,
Yes, Eagle Bank is small (10-15 locations) and I do not personally bank there or deal with anyone other than my broker. I purchased my first property in Central AR 14 months ago while living in the UK so I have to disagree with you there. My main takeaway is that Morgan (903) 806-8565 is the absolute best to work with in this area. I guarantee you if you call her, you'll see what I mean. Cheers!
Rental Property Investor · Laguna Niguel, CA · Member since 2019 · 175 posts · 116 votes
4y
Gotta agree with @Chris Dye I have worked with Rabih from Eagle Bank and am happy with the experience. also not based in AR but considering a relocation there.
@Zachary Schimenz to answer your question on finding a lender, what you're doing now "posting on biggerpockets" is a good way to start. Another option would be to checkout sites like lendingtree and the lenders will come to you. You may not get the best rates but you will have a lot of lenders to choose from.
Reaching out to agents and investors is a good option as well. David Green always says "rockstars know rockstars" so a kickass agent will know a kickass lender.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Zachary Schimenz- 1) get several referrals from colleagues / friends / neighbors 2) contact these lenders all on same day and provide the same hypotehtical scenario 3) ask whatever questions you have and also ask for current cash out refinance quotes based on your parameters 4) determine the lender you would like to work with based on their service and the data you are provided with ( fyi - no need to have any lender pull your credit report to give you basic quotes for a starting point)
Specialist · Huntsville, AL · Member since 2020 · 96 posts · 35 votes
4y
Experience comes first. More than a few people are out there trying to do a loan. Some people can but most do not understand the paperwork from APP to Closing. I recommended having a relationship to insure they make the most off of each deal.
We have a gentleman who recently has come to us and he is purchasing a property(plenty for down) and he has a 5 piece portfolio. I personally had a few conversations with him to show buying power. So 5 with a purchase turns into adding the purchase of 6 more properties. When done in about 90 days he should have 11 properties and still have money left over.
You must work for your clients first. More than you would think, clients ask for something and they don't see the expansion in what they have, for more residual and larger ROI as a whole. They can only see the deal infront of them and not 5 maybe 10 yrs down the road with 40 homes and a residual out the wa and the zu.
I love proper deal structure and a giving clients the proper info to make an educated decision on what's best for their business model. The conversations most of the time, clients build it themselves. They have never heard what they can do. It took conversation with the right person to realize what opportunity they have.
Investor · Heber Springs, AR · Member since 2019 · 88 posts · 38 votes
4y
I highly recommend Matt Thorpe with Central Bank and J.R. Morris with Arkansas Federal Credit Union. Both are great to work with. I have used them both several times. If you need any other type of resources in our market you can reach out to me on my cell anytime.
Hey, I bought a property in Little Rock AR a few years ago, and now that home values have been skyrocketing the last few years I feel like I could get a good chunck of money out of a refinance.
I bought it turnkey so just went with the lender they recommended, how do you go about finding a lender, do you just start calling banks or is there a better way? Or if you have any recommendations on lenders you've had a good experience with in the past that would be amazing.
Thanks!
I call a lot of banks! I have found some now though that do great deals so I will continue to use them although I am always keeping my eyes open and ears peeled for anything better. It is work it to just keep calling around and comparing rates/terms