Investor · Atlanta, GA · Member since 2020 · 25 posts · 13 votes
What's the best credit union in Atlanta to help with funding deals with a personal loan and build a long term relationship? I am a pharmacist with great credit looking to partner with a reputable investor-friendly credit union. Any referrals would be greatly appreciated!
Real Estate Agent · Atlanta, GA · Member since 2020 · 414 posts · 233 votes
2y
Ike - I'm with Doug on this one.
Credit Unions / Local / Regionals are great if you have a pre-existing relationships. However, lots of CUs and Locals are requiring you to keep deposits with them if you want a loan - typically around the 10% mark. Thus, your 20% down + fees just became 30% down + fees in a sense.
Mortgage brokers job is to find you the best rate / terms.
If you're interested to get in contact with investor focused mortgage brokers I'd be happy to make some intros
Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
2y
@Ike Okwerekwu - Good question! I'm sure BP will have some good insights, nonetheless I also recommend going on facebook on local investor groups and asking them there. Also, if you know any successful local investors in Atlanta, that might be a good place to start as well. Lastly, I recommend attending some local real estate meetups and inquiring there. These are some strategies that helped me find some really good local lending partners. Good luck!
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
2y
Ex-banker hear. Federal Regulators HATE smaller real estate investors for some reason and really come down hard on banks for funding their deals. Since you've got a great source of income outside of that, you stand a chance, but the rates and terms you'll get from a bank or credit union for a non-owner-occupied investment property won't be as low as you think. I would go with an instutional broker that specializes in investing. Here's another monkey wrench - the first thing we ask is "have you done this before?" Lenders are not super aggressive with first timers with little capital down if they will do them at all. I wish you well in your endeavors.
Real Estate Agent · Atlanta, GA · Member since 2020 · 414 posts · 233 votes
2y
Ike - I'm with Doug on this one.
Credit Unions / Local / Regionals are great if you have a pre-existing relationships. However, lots of CUs and Locals are requiring you to keep deposits with them if you want a loan - typically around the 10% mark. Thus, your 20% down + fees just became 30% down + fees in a sense.
Mortgage brokers job is to find you the best rate / terms.
If you're interested to get in contact with investor focused mortgage brokers I'd be happy to make some intros