Which lender do you use?

8 Replies

Hello all, 

I have a good credit score (700+).  Looking to purchase an investment duplex in Florida and a local bank is asking for 30% down with 5.625% interest rate. Is that a bit too much?? 

Just wanted to get idea of what banks other people are using... 

I have also read in another forum of using American Internet Mortgage. Any thoughts on that?

Thank you!


I use a handful of local banks. Up to 80% LTV. 5% 5 year fixed 5-10 year term.

@Carmen Chow

I've been using the same little local bank for 30 years. Last 6 investment properties 5% down, 4.75%, 30 year, no PMI in house loan. Just closed a construction loan on Friday for 300k, 0% down, 5%, 12 months, no points, no prepayment fee's. I tell new investors all the time to stop chasing banks and build a relationship.

@Carmen Chow

Carmen my bank is in a little tiny Texas town and they only work with local investors. I have banked with them for 30 years and as of last Friday have closed 43 loans. When I sold my first portfolio in 2007 I parked $250k with them in different investments. They are really tiny compared to other Banks that's why you have to have a local relationship with them to get such good loans. But I still believe anyone can build a relationship with their local little banks or credit unions.