Oak Lawn, IL · Member since 2017 · 29 posts · 20 votes
Good evening everybody,
I have a couple investment properties and have used a large national due to simplicity in the past. However, I'd like to start building a relationship with a new regional. Does anyone have any recommendations to better help me sift through my list? I'm looking in the general south suburb area around oak lawn. The properties I'd be looking to finance are conventional single family homes and condos with 20-25% down as investments. If anyone could share any information, that would be greatly appreciated.
Rental Property Investor · Chicago, IL · Member since 2015 · 352 posts · 281 votes
8y
I would recommend Marquette Bank. And they are right there in your area. I would consider them pretty investor friendly. PM me if you would like a contact name. Thx
Oak Lawn, IL · Member since 2017 · 29 posts · 20 votes
8y
I'm hoping someone can offer some guidance. I'm really struggling to get a lender for this property (Marquette said no). I also reached out to a few local credit unions, people's local home equity, and wintrust. The target property is a nn-warrantable condo. It's only 70k. The association consists of 3 12 flats, so 36 total units. 22 of them are rented. Every portfolio lender I spoke to has said no one would underwrite it, which actually surprised me a bit. Does anyone have any recommendations?
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
8y
@Eric Hardt The issue you are running into is the price. Its too low to be able to underwrite for a standard property. For a non-warrantable condo it would be impossible.
Buy it in cash and use the rent to help you with your DTI on other purchases.