Minnesota bank recommendation for portfolio loans

5 Replies

I have 4 traditional mortgages and looking buy another multi-family or commercial investment property.  I believe I need to find a bank that provides portfolio loans, right?  Or smaller banks which hold the loan.

Any recommendations for banks in Minnesota... in or near Minneapolis?

I have over 5 years REI experience. It sounds good to work with a local banker and consider the investment itself rather than a deep dive of my debt to income. I understand I can hope for up to 70% LTV.

Thanks in advance,

Todd

As long as you're purchasing 5+ units and use an LLC or trust to buy, you don't need to worry about your source of funds. It could be a bank or portfolio who finances your commercial deal, as most all will consider it separate from your residential holdings.

Your debt service coverage ratio is more important and calculated property specific. If you can cover 1.20 or better, then you're in good shape. don't limit yourself to just regional players. Use a portfolio if you need exceptions for credit issues or faster closing. Use banks for more traditional products.

Anchor Bank does them locally here in the Twin Cities.

Good to know, thanks! I have a fourplex and a duplex held in an LLC. Didn't know about 5+

Any recommendations on bankers to connect with?

Todd, you should talk to Thomas Jussila at TruStone Financial. They are a local credit union that holds your loan and Thomas is a pleasure to work with. He is always available, is a real estate investor himself, and really knows his stuff. He is in their Lyn-Lake branch in Minneapolis. 

Talk with Ryan Neches.

http://mortgagecapital.wjbradley.com/

Mortgage Loan Officer

(612) 501-4375

WJ Bradley Mortgage Capital, LLC.

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