Anyone know good portfolio lenders who will lend at reasonable rates with little money down?
We are buy-n-hold investors in the Seattle area with excellent credit, great rental history, etc.
We currently own 5 rentals and roughly break even on the entire portfolio (mix of condos, townhomes and SF homes -- all low fixed rate mortgages). All of our loans originated from banks, but they are more restrictive especially with the high number of loans we already have. We would like to purchase more rental property, but the lending restrictions and the high home values in the Seattle area make it difficult (350+ sq ft).
Curious to know what kind of financing you got on that 5th and 6th property (since you have a primary as well). I hear they are really restrictive after 4 and LTV tends to down. I know Cobalt Mortgage and Guild Mortgage go up to 10 properties, but I believe they require 75% LTV.
By the way, welcome to BiggerPockets!
There aren't many for residential property. None that I can think of. Most want skin in the game. You can buy a second home for 10% down, but pure investment properties are looking at 25% to 30% down.
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