Can anyone recommend a mortgage broker in the Columbia Maryland area ? I would like to speak to someone that could point me in the right direction and tell me if I can get financing.
I would check with revere bank or Susquehanna bank. I believe they are investor friendly. What type of financing are you looking for? It might be better to look for hard money lenders.
I deal with Wells Fargo
Thank you. I'm looking to get a home equity loan for the down payment and conventional financing. I'm basically trying to buy a rental without any money out of pocket.
With no money out of pocket would be difficult for banks to lend any money. In your case I would suggest HML or private investors. I do have list of lenders but with all of them they require some skin in the game. Let me know if you like to reach out to them and see if something works out. They all are in Maryland area.
@Clayton Ballard How has your experience been with wellsfargo for investment loans
@Dennis Fenfert If you have a good amount of equity in your primary residence you should be able to pull out 80-90% of that equity. If you have 50-100k from your line of credit in theory you could purchase a property cash and rent it out. I guess you could also just use the line of credit for down payment but then you have two payments to make each month. As long as your are getting rent that matches 2% of the purchase price it might be worth using the LOC with a mortgage.
wellsfargo has been great IMO
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!