Updated over 9 years ago on . Most recent reply
Blanket loans for out of state investor
What is the best way to go about finding banks which would do a blanket loan for an out of state investor? I am in touch with banks in Ohio that have good terms but unfortunately they don't deal with out of state investors. I live in NY and invest in Ohio.
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and @Magesh R.
What you're finding is pretty typical. I'm building a small commercial mortgage brokerage in Dayton and Cincinnati. I'm talking to a LOT of lenders as I filter them out to find the good ones for investors. I'm not looking at Fannie, Freddie, FHA or VA loans, you can do alright with those on your first few properties. Heres what I've found on the commercial side so far for Buy and Hold investors.
All want 20-25% Downpayment or Equity
- 30 year amortization, fixed rate, no balloon, out of state. NO LENDERS
- 30 year amortization, fixed rate, no balloon, in bank footprint. MAYBE LENDERS, but high qualifications.
- 20 year amortization, fixed rate, no balloon, out of state. MAYBE LENDERS, if experienced investor. current rate 1-1.5% above 5/5 ARM
- 20 year amortization, variable rate, no balloon, 5/5 ARM is fairly common. currently in the high 4% to 5% range.