Financing from Local Credit Unions in South Florida

Fort Lauderdale, Florida
Private Lending & Conventional Mortgage Advice
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Financing from Local Credit Unions in South Florida

Eddy RamosPro Member
Fort Lauderdale, FL · Member since 2015 · 27 posts · 8 votes

I am looking for local credit unions in South Florida where some investors have had success with so far. Wondering if someone may be able to share their experience or the local credit unions that understand Real estate investing. Have you had more success with residential loans or commercial loans to but single family homes? 

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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    3y

    Eddy,

    Why a credit union? Reason I ask is a CU is really great at offering a good rate on a new car, personal loan, primary home and in some cases a small LOC line of credit. What they are not known for is flexible guide lines and offering investor friendly mortgages on rentals. Especially when the rentals are (2-4 Units) and you need to use the proposed rents a.k.a - DSCR program. CU's also have tough guide lines that require higher fico scores and offer lower LTV's on cash out and require higher down payments.

    Generally the turn times (Closing timeframes) are not as fast or as good as some lenders/FDIC Banks. They usually have to ship out (electronic transfer) their files to another department in most cases other states where a "Remote" processor, UW Analyst, and DE Underwiter all have to review the file documents, appraisal, title etc which slows it down. I am not bashing CU's in general but just providing a little insight if your looking for your best options.

    Using a larger FDIC Bank that is Fully Delegated or Full Eagle Lender is really the best way to go for lowest rates & program availability. Feel free to reach out if you have any direct or specific questions!

    [email protected]727-637-4289
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  • Javier Mercado
    Lender · Boca Raton, FL · Member since 2017 · 35 posts · 15 votes
    3y

    Hey Eddy, if you’re looking for someone to give some options I may be able to help. I’m a mortgage broker based in Miami. We have a lot of options for many different scenarios. Feel free to message me or give me a call. My contact info is in my Bio.

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Eddy Ramos:

    I am looking for local credit unions in South Florida where some investors have had success with so far. Wondering if someone may be able to share their experience or the local credit unions that understand Real estate investing. Have you had more success with residential loans or commercial loans to but single family homes? 


     Credit unions could be beneficial in terms of getting the best rates or a line of credit. 

    I would suggest also partnering up with an investor focused mortgage broker. There are many lending options in the private money, DSCR, and hard money space. And many creative financing strategies, that wouldn't fit strict guidelines on conventional financing.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
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