Portfolio lending under 50k

Realtor · Chicago, IL · Member since 2019 · 222 posts · 153 votes

Is anyone else having trouble finding portfolio lending to an LLC during Covid?

I have a tremendous deal (beats the 1% rule at about 3.1%), the neighborhood is c class, not d, the place isn’t run down (needs some minor repairs) and is currently rented.

Yet, I’ve had multiple calls today and everyone so far has pointed out issues with the fed rates causing a lot of issues with lenders doing specific types of lending, specifically pertaining to my current needs.

Has anyone else had this issue and what are some of your solutions?

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
6y
@Michael J Scanlon
If non owner occupied go with a private lender. Your interest rate will be a lot higher but if its that good of a deal some $ is better than no $
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Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
5y
Originally posted by @Michael J Scanlon:
Is anyone else having trouble finding portfolio lending to an LLC during Covid?
I have a tremendous deal (beats the 1% rule at about 3.1%), the neighborhood is c class, not d, the place isn’t run down (needs some minor repairs) and is currently rented.
Yet, I’ve had multiple calls today and everyone so far has pointed out issues with the fed rates causing a lot of issues with lenders doing specific types of lending, specifically pertaining to my current needs.
Has anyone else had this issue and what are some of your solutions?

Did you ever have success finding a lender?
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