I am looking for recommendations on a portfolio lender who can help with the following needs
- OKC area
- Cash out Refi
- small SFH loans $30K - $60K
- Will not cap at 10 loans
- Will not require reserve funds for ALL existing loans.
- Hopefully good rates, terms (30 Yr. Fixed) etc.
Anyone have any good leads?
Thank you :)
@Jason J. I see a few issues.
Typically what you're going to want to talk to is a local community bank that carries their paper in house. (Not sold on the 2nd market)
Typically they're offering 75% of ARV at around 5.5 % interest typically on a 15-20 year am.
Issues I see you hitting:
Your profile says that you're in Cali. Most of these banks are going to want you to be local. (easier for them to track you down and drag you to court for your PG if you default.)
Most banks really don't lend on properties sub 30k.
Best of luck!
I found one that will offer me
- 5 Year ARM
- 15 year note
- 80% LTV
Number of loans can go to infinity as long as total debt stays below 60 million.
Does this sound good? opinions?