I’m curious — for those investing in multiple markets, do you usually look for local lenders or are you comfortable working with out-of-state funding partners?
I use both. Here’s how I think about it across markets:
Local banks/credit unions: great for speed, appraisals that reflect the neighborhood, and flexibility when you have a relationship. I lean local for BRRRRs, refis, and small multis when I need a quick, clean close.
Out‑of‑state or national lenders: useful for DSCR loans, portfolio products, or when I want standardized terms across markets. I'll also tap private lenders when a bridge is needed or the deal is time‑sensitive.
Quick framework:
Match lender to exit: refi-to-hold favors local portfolio banks; long‑term rentals with simple underwriting fit DSCR; heavy value‑add often starts with private or hard money, then refi local.
Price vs speed: if time kills the deal, prioritize the lender who can actually close fast over saving a small fee.
Build a bench: 2 local banks, 1 DSCR lender, 1 private money option. Keep them warm with updates so your next approval is faster.