Looking for private or portfolio lenders in Massachusetts

Holliston, MA · Member since 2017 · 8 posts · 5 votes

Hello everyone! My wife and I are looking to invest in rental properties and would like to find some private or portfolio lenders in Massachusetts. We currently live in the Boston Metro-West area. We don’t have a ton of money to get started with but we both have full time W-2 jobs and have really good credit. We would love to connect with lenders or if anyone knows of any lenders we would gladly take your recommendations. Thanks to everyone for the help.

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Charlie MacPherson
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
8y
@Cory Nolan Look to local banks and credit unions. The last one I did was a condo that had 30% commercial units. No regular lender would touch it.
It was in Scituate, so I talked with Scituate Federal Savings Bank and got them to agree to a portfolio loan.
Maybe talk with Rockland Trust or Eastern Bank. They seem pretty well committed to the local community.
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Cory Nolan
OP
Holliston, MA · Member since 2017 · 8 posts · 5 votes
8y
Charlie MacPherson what do you mean by it had 30% commercial units?
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Charlie MacPherson
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
8y
@Cory Nolan There were 10 total units in the condo. 3 were commercial storefronts, 7 were residential.
As I recall a conventional loan won't allow more than 20% commercial and FHA won't allow more than 25% commercial - or vice versa.
The portfolio loan was the obvious answer, unless we found a cash buyer.
Even though I represented the seller, I went out proactively to get the local bank to approve a portfolio loan, pending the buyer's qualification.
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