Looking for portfolio lending - Wisconsin

17 Replies

Hi BP,

I'm based out of California and looking to purchase several more SFH rental properties in the Wisconsin Milwaukee area.

Any recommendation to a portfolio lender would be greatly appreciated.

Thanks!

Cameron

Are you looking above $300k or below?

How many financed properties do you have?

@Cameron Chew

I have the same questions and can point you in the right direction depending on your answer

I have 5 financed properties.

I'm looking to purchase 3-4 SFH, mostly around $100k.

I would be open to use a blanket loan for multiple properties as well.

Cameron

You can expect to put 25% down at around 5 % on a 30 yr fixed. no points.

Just make sure you have 6 months reserves for each property you own and intend to buy. Let me know if you need more details.

I'm also curious. Maybe there is a resource somewhere here on BP that describes what portfolio lending is (for beginners) and the range of options that might be available?

I've got my 4 conventional mortgages and need a primer on various lending strategies since I don't know much about what my options are.  My mortgage banker is going to explain some things to me tomorrow, but I think it would be valuable to have that here on the forums. I tried a search for "portfolio lending for beginners" and didn't come up with much.

Maybe you can explain, @Robert?

@Cameron Chew

@Tanya F.

Fannie Mae will allow up to 10 homes.  Cameron you still have room for 5 more purchases.  But if you're looking to do cash out you're currently one home over the limit unless you qualify for delayed financing.  The biggest thing with delayed financing is that you need to have owned the home for less than 6 months!

When I got my 7th mortgage it was by buying a property that the bank owned.  The bank financed it for me and I only had to put down 15%.  Some banks have programs like that.  However they can be hard to find.

Great discussion, im also searching for a portfolio lender who will lend on Milwaukee property. We are cash buyers who just purchased our first home there (we own more in KY) and would like to purchase 3-5 properties per year around the 50-60k each range, rehab with our own $ to achieve ARVs around 70k-90k and then cash out into a portfolio loan. Any contacts would be greatly appreciated!

I have been preapproved for a loan from The Equitable Bank in Milwaukee. Here  is some info they sent me. 

"On the in house loan we would do 20% down and we offer a 3,5 and 7yr ARM.

3yr- 3.25% with .50pt plus $1750.00 in closing costs

5yr- 3.25% with .50pt

7yr- 3.75% with .50 pt"

Originally posted by Billy B.:

I have been preapproved for a loan from The Equitable Bank in Milwaukee. Here  is some info they sent me. 

"On the in house loan we would do 20% down and we offer a 3,5 and 7yr ARM.

3yr- 3.25% with .50pt plus $1750.00 in closing costs

5yr- 3.25% with .50pt

7yr- 3.75% with .50 pt"

 Thanks billy bob those are great rates for an in house loan ill check into that. Do you have a good contact there? 

This post has been removed.

I posted the contact but it was removed. 

Thanks for the responses group. 

On a related note, I've been working with a Milwaukee area lender who sells their loans to Fannie Mae but still services in house.  I am in the process of a cash out on a property I bought at auction last year and was told fees assessed by Fannie Mae for investment properties are going up for loans closed starting in September.  No specific number but they hinted at about a point across the board once you are in the 5-10 property range and down payment thresholds moving from 25% up to 30-35%.

Originally posted by @Rob Myers :

On a related note, I've been working with a Milwaukee area lender who sells their loans to Fannie Mae but still services in house.  I am in the process of a cash out on a property I bought at auction last year and was told fees assessed by Fannie Mae for investment properties are going up for loans closed starting in September.  No specific number but they hinted at about a point across the board once you are in the 5-10 property range and down payment thresholds moving from 25% up to 30-35%.

 Thanks for your input Rob, were you able to build enough equity in your property so you could cash out all of your original investment and rehab costs?

@Robert Sepulveda , @Brie Schmidt I know this is an old thread but I was wondering if you still had the names of the lender and if you'd still recommend them. I have a four plex with a balloon loan that is soon to be due and I have the option to do another balloon loan but I am thinking about refinancing all of my properties together.

I am looking to get away from traditional personal mortgages (which my two duplexes are on) and also cash refi my SFH that is owned outright and get them under one loan under my LLC. My current bank is looking into doing an SBA loan (which admittedly I know very little about) but also wanted to see all of my options.


Thanks in advance!

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