Investor · Harrison, AR · Member since 2016 · 34 posts · 8 votes
I should have 4 duplexes under contract today and am looking for some recommendations on lenders. I am well qualified but my local bank in NW Arkansas is concerned about the properties being so far away. I have contacted a commercial lender off of here but would rather try for a conventional loan being as this will be properties 3-6. Thx for any leads in advance
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
10y
You can look up mortgage brokers in Kansas city as they will have many lenders to choose from. I know a couple of investors that have had good luck with Arvest bank in Kansas City.
Investor · Harrison, AR · Member since 2016 · 34 posts · 8 votes
10y
That is interesting as I have an Arvest bank in my small town, I have never dealt with them before. I will look into this. Thx...on the mortgage broker, Would you search for Kansas city mortgage broker in the BP forums?
Thx...Do you know if they mess with property numbers 5-10 on the conventional side? I am trying to keep from going to a commercial lender that uses nation wide lenders, as I like the simplicity of the small bank atmosphere.
Investor · Los Angeles, CA · Member since 2016 · 16 posts · 10 votes
10y
I've been speaking with Lenders here in KC as an out of state investor, I am here in person, but Commerce Bank told me they would lend up to 10 properties and I believe Bank Midwest said they would go up to 6, so you might want to contact them as well.
Investor · St. Louis, MO · Member since 2015 · 68 posts · 16 votes
10y
Commerce is definitely the biggest "local" bank in The Kansas City and Overall Missouri area. They are a regional bank and have a great reputation in Missouri. UMB is another regional bank based in Kansas City that a lot of people like and have good luck with.
Investor · Lenexa, KS · Member since 2016 · 36 posts · 14 votes
10y
Michael` Cluer I am not sure how far they go in terms of property size but they are entirely internal and hold the note. They also offer construction to perm loans which was my last experience and it was great.
Investor · Harrison, AR · Member since 2016 · 34 posts · 8 votes
10y
Thx everyone for the great responses...I will defiantly contact first federal and commerce if my banker tells me they don't want to go that far out of town. Great community here. I also invite any wholesalers to contact me, thx again
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Michael` Cluer I know this post is 3 years old, but did you end up finding a good lender? I have a list of KC lenders, but they are mostly portfolio or commercial loans, etc. I'm looking to max out my 10 allowable Freddie/Fannie 30-yr loans before moving into loans with short amortizations, balloons, etc. Thanks for the help!
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Kirk Calhoon hey, I know this post is 3 years old, but do you still recommend First Federal Bank? I'm looking to max out my 10 allowable Freddie/Fannie 30-yr loans before moving into loans with shorter amortizations, balloons, etc. Does First Federal do 30-yr conventional? Thanks for the help!
Kansas City, MO · Member since 2015 · 123 posts · 46 votes
6y
@Andrew Syrios Hey Andrew ...do any of the banks you mentioned do Fannie/Freddie 30-yr loans? Since I only have a few properties, I'm looking to max out my 10 allowable Freddie/Fannie 30-yr loans first before moving into loans with shorter amortizations, balloons payments, etc. Thanks!
@Andrew Syrios Hey Andrew ...do any of the banks you mentioned do Fannie/Freddie 30-yr loans? Since I only have a few properties, I'm looking to max out my 10 allowable Freddie/Fannie 30-yr loans first before moving into loans with shorter amortizations, balloons payments, etc. Thanks! Not sure. We have more than 10 so we aren't eligibe for those loans anymore. (Fannie/Freddie also do loans on large apartments and what not, but we're not really in that space either).
Not sure. We have more than 10 so we aren't eligibe for those loans anymore. (Fannie/Freddie also do loans on large apartments and what not, but we're not really in that space either).
That being said, I've heard Arvest Bank specializes in getting investors those Fannie/Freddie loans. So they would be worth talking to.
Investor · San Diego, CA · Member since 2019 · 131 posts · 116 votes
6y
Local banks are always going to question why you are located far from your properties. I would suggest putting the 4 Duplexes under one commercial loan and going through a good commercial mortgage broker. You are going to get 30 year amortization, a much more competitive rate, and you won't have to answer questions about why your living so far away from your properties without having to do any of the work that comes with securing a new loan. If you need a great Commercial Mortgage Broker who I have used many times, give me a shout! Good Luck!