Hey everyone I am working on purchasing a portfolio of Single Family Homes in Memphis and would like to know if anyone has a Portfolio Lender that they can recommend.
how many homes are you buying that you want under one loan?
Hi, @Scott Williamson .
That sounds exciting!
We've got several good lending relationships.
Can you provide a little more detail on the transaction so we can see who it makes sense for?
For example, how many houses?, what is the purchase price?, how much is loan amount?,what are the locations?, who's going to manage the properties?, what is the holding period of the properties?, etc.
My partner and I are working on purchasing 21 homes in the Memphis TN area locations vary, the entire portfolio is roughly 800k with homes ranging from 20-55k. Hold term would be as long a possible (of course) but 10-15 years would be great with 5 acceptable. Professional Property manager would manage.
Thanks for the information. That's helpful.
I'm sure you've tried this route already, but my very first option would be to get seller financing from the owner. I've done this multiple times and it's always been great for me.
Depending on much you are putting down, you might be able to get commercial bank financing or hard money lender to finance 50% or so of the properties.
I've got a good commercial broker who can assist you, too.
Are you paying cash and then refinancing or are you looking for someone to loan on the purchase money?
We already tried the owner financing route I did not know that a commercial lender would look at a portfolio of SFHs
Hey Scott, any luck with financing that portfolio? Let me know, I might be able to help.
Any updates here? I'd love to know if you found a sub 6.5% rate for a $0-$500k loan in your search.
I'd like to know if there are any updates here as well. I have a portfolio of 5 properties that I am looking to do a blanket mortgage on. Property values are from $35-60k each.
@Account Closed did you ever find any portfolio lenders in Memphis ?
Man is there a reason not a single answer actually has name and contact info for a portfolio lender?
Will you please provide me with the contact info for the Portfolio Lender you have done business with in Memphis? I would greatly appreciate it.