Reputable lender recommendations

[Soul Luciani]

Hi,

I’m new to bigger pockets and new to real estate investing.  I have been wanting to get into it for a while and feeling like now is the time.

I would like to start with a 4plex in the Oakland/berkely area. I’m looking to live in one of the units. My down payment would be 3.5%

I started looking for lenders that will approve me for this type of loan but there are so many. I prefer a private lender that can get the deal done fast. 

One company I saw that looks decent is quicken. Does anyone have experience with them? 

Any recommendations?

[Jay Hinrichs]

Originally posted by @CJ M.:

@Jay Hinrichs

Not necessarily. My first loan was a portfolio loan...and every loan there after. I agree, it may be difficult for him to get a portfolio loan, but not impossible. EDIT: But he would need to put more than 3.5% down!

 that was my point not for 3.5% down when you put 20 to 30% down all options are open.

although this is west coast.. so even in a bad area of Oakland a 4 plex is going to be north of 750k   

big difference between that and Ohio area values.. were you could snag a 4 plex for 100 to 200k easily every day of the week.. 

also out here local banks are far more conservative when it comes to loaning on small income properties..  Many simply will only do it for their top tier clients and no way for a beginner.. they don't need to.. they leave those loans to the big box national lenders and focus more on business loans..  its just very regional..  And bigger portfolio loans like through Blackstone or whatever they are running under I have had clients of mine refi out my stuff with them and those are very arduous loans to get they can get them and get great rates but its a full doc long process.. with a ton of loan stips..