Los Angeles, CA · Member since 2015 · 176 posts · 48 votes
I'm going to start purchasing multifamilies and smaller apartment buildings in different states in the midwest, and I'm hoping to have to only work with one lender.
Has anyone had any success here working with one of the bigger banks (e.g. Wells Fargo, Bank of America, etc) to get multiple loans for rentals across different states?
These properties will be a mixture of residential and commercial, and will most likely extend over 10 mortgages too.
I really don't want to have to find multiple portfolio lenders in each state, but if that's the only way, I guess it will have to do.
(If it helps, I live in Los Angeles and have 7 rentals currently. Also, my financials look good, so qualifying for the loans shouldn't be an issue.)
There is a fellow on here who I know many on BP have used @Jerry Padilla. If he can't help I'm sure he can point you in the right direction. I also just reached out to him about loans in the midwest!
There is a fellow on here who I know many on BP have used @Jerry Padilla. If he can't help I'm sure he can point you in the right direction. I also just reached out to him about loans in the midwest!
Pretty much all the big banks will lend all across the US. But depending on the size of property you'll have to see what programs are available. A $10m deal is a "small deal" for them. That's why if you buy smaller you will often need the local portfolio lenders.
But there are also small loan programs with Fannie Mae and Freddie Mac which most all banks will sell.
I've done all the above from LA and only buy multifamily in the southern states.
So yes, you can do this.
I've purchased multiple SFR's across several states using the same Lender. They are a national mortgage company, but I've worked exclusively with one office located in Florida, and I'm located in Virginia, and I purchased properties in completely different states.
Feel free to PM me if you want the contact.
They're not Portfolio, so not sure that they could help you with the commercial loans, or non-Freddie/Fannie loans. But could be good for your SFR's up to the first 10 loans.
Yes, they will. I used to be an LO with Wells. They will lend in all states they cover, which includes 50 states, USVI and Puerto Rico. This goes for all big banks
Pull your head out of your *** and dont use big banks. I used to work for Wells and Bank of America. They treat you like a number and wont treat you like a valued client. Get a smaller regional bank, not even a midsize, and they will work with you without the headaches of all the compliance BS big banks do. PS I am Loan Officer for one of those smaller banks and I can do all 50 states. PM me. Its not biased. Its a fact.