Best St. Louis area banks for investors

7 Replies

Hello all I'm wanting to know what bank everyone uses/recommends to buy single family homes in the St. Louis Missouri area. I have been using Southern Commercial Bank on my fist house with a LOC since I started but they will not do second mortgages on any of my other houses without holding the first mortgage as well. All of my first mortgages are on fixed 30yr notes with great rates and Southern Commercial will not do fixed rates on an investment property so I really don't want to refinance the first through them.

I live and invest in the Jefferson County area and would prefer to deal with a local bank in this area but if the terms are good enough I'm willing to go anywhere.

I bought several quads in St Louis & Kansas City using Stifel Bank for the first mortgage.  I was happy with rates and service.

Midwest Bank Center. Ask for Eric Whitford.

Thanks for the help and the names everybody.  I'll look into it and if anyone else on here has any suggestions let me know.

Originally posted by Account Closed:

Hello all I'm wanting to know what bank everyone uses/recommends to buy single family homes in the St. Louis Missouri area. I have been using Southern Commercial Bank on my fist house with a LOC since I started but they will not do second mortgages on any of my other houses without holding the first mortgage as well. All of my first mortgages are on fixed 30yr notes with great rates and Southern Commercial will not do fixed rates on an investment property so I really don't want to refinance the first through them.

I live and invest in the Jefferson County area and would prefer to deal with a local bank in this area but if the terms are good enough I'm willing to go anywhere.

 Great question Rodney. I was wondering about this myself. I hope to need financing soon myself for my first deal.

@Eric Schuettenberg and @Rodney Diamond you can purchase up to ten properties in your individual name with conventional financing - giving you the ability to have the most favorable rates and terms - 30 year terms and a fixed rate. I would consult with an attorney but according to one of my attorneys - you can transfer title into an LLC 60 days after closing, giving you the best of both worlds.

Originally posted by @Jerry Padilla :

@Eric Schuettenberg and @Rodney Diamond you can purchase up to ten properties in your individual name with conventional financing - giving you the ability to have the most favorable rates and terms - 30 year terms and a fixed rate. I would consult with an attorney but according to one of my attorneys - you can transfer title into an LLC 60 days after closing, giving you the best of both worlds.

 Thanks Jerry, great info

@Jerry Padilla

Thanks for the info and this is what I have been doing through a mortgage broker and getting 30yr fixed rates on all of my rentals so far. Unfortunately they really tighten up after 4 mortgages and a LOC and I'm unable to do any more personally. Its ironic to me that they will lend freely on one rental where you are solely depending on one rental check but when you diversify and have multiple rentals that could easily carry 2-3 vacancies they no longer want to lend. This is where a local bank comes in but I need one where I can talk to the decision maker so I am looking for a smaller bank.

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