Rental Property Investor · Apex, NC · Member since 2015 · 197 posts · 102 votes
Hi all,
Wanted to see if anyone on here knows of a good portfolio lender in Philadelphia or Montgomery County PA. I am going to try a few local banks but if anyone out there knows of a good one they have used I would really appreciate the lead.
Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
10y
Harleysville Bank seems to do portfolio lending in Montgomery county (don't believe they loan in Philly).
I spoke to their residential and commercial lending group and they offered to do a commercial LOC and then if I wanted to hold that property, do a refi with a 1yr seasoning.
Real Estate Agent · Philadelphia, PA · Member since 2013 · 116 posts · 37 votes
11y
I'm actually shopping around myself for this. I have several meetings this week and will share any good info I receive. Please do the same as we may be able to compare notes to locate the best lender.
I'm actually shopping around myself for this. I have several meetings this week and will share any good info I receive. Please do the same as we may be able to compare notes to locate the best lender.
Saugerties, NY · Member since 2014 · 98 posts · 32 votes
11y
I tried Valley Green bank. Their commercial product was a 5 yr loan with 25yr amort. After 5 yrs it would need refinancing. High 5% rates, plus 1 point plus all costs. They basically said they were moving away from these types of investments due to their portfolio being overweighted here.
I also tried Northwest Savings Bank but they no longer cover philly
Investor · Newtown Square, PA · Member since 2015 · 132 posts · 149 votes
11y
I found that credit unions have been much more receptive. I have personally used Philadelphia Federal Credit union's commercial department for many deals and they have been amazing.
I found that credit unions have been much more receptive. I have personally used Philadelphia Federal Credit union's commercial department for many deals and they have been amazing.
Thanks for the lead, will definitely check them out. Has anyone ever used the Navy Federal Credit Union, I think there is a branch in Horsham, PA I was thinking of trying there also.
Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
11y
Check out TruMark Credit Union as well. I'm closing a 30 year refi with them right now with cash out (to buy more properties of course) and they're very reasonable and allow you to carry 10 loans at a time.
Real Estate Agent · Philadelphia, PA · Member since 2013 · 116 posts · 37 votes
11y
Thanks for the info I'm going to look into the listed lenders. So far all the investors I talked to about financing normally deal with the big name banks Wells Fargo, TD, etc. I've used TD in the past for HELOC which was great but not for this particular type of loan. I'm going to talk to them about options along with a few other lenders this week. I'll be sure to provide an update.
Rental Property Investor · Apex, NC · Member since 2015 · 197 posts · 102 votes
11y
Sounds good, I will be doing the same. I have only used USAA in the past but as I understand it they don't do commercial loans, or investment properties of any kind, only primary residence. They were great for my HELOC though.
Rental Property Investor · Washington Township, NJ · Member since 2015 · 1k+ posts · 976 votes
11y
The mortgage on my primary residence was originally through TD (they have since sold it to another bank). I have all of my insurances through USAA. TruMark was recommended by a colleague of mine who has 8 properties financed with them right now. I've been shopping around a bit at the local lenders and TD and TruMark seemed to be the most flexible with competitive rates. Granted this was for 1-4 unit residential, not sure how they'd handle actual commercial buildings. They even allow you to only put 15% down if it's a 1-2 unit but you'd have to pay PMI. 20% or more and your safe. Oddly enough 3-4 units requires a minimum of 25% down.
Am I correct in assuming that the portfolio lenders will lend to a LLC?
Do they require a personal guarantee?
Do they lend to self employed individuals?
Portfolio Lenders do lend to an LLC and the self employed. This of course is assuming you meet their requirements with credit score and income. (Not trying to say you don't just providing the info.) They usually have more leeway than a larger bank chain.
Developer · Philadelphia, PA · Member since 2015 · 2k+ posts · 904 votes
10y
Harleysville Bank seems to do portfolio lending in Montgomery county (don't believe they loan in Philly).
I spoke to their residential and commercial lending group and they offered to do a commercial LOC and then if I wanted to hold that property, do a refi with a 1yr seasoning.
Philadelphia, PA · Member since 2015 · 15 posts · 3 votes
10y
Micheal Badin I have used Navyfed for all my banking needs. They are an awesome bank from what I've experienced. I have no experience with them commercially but I got my mortgage for my personal home though them and the process was very easy. Their loan manager at Horsham is a older women with a vaguely British accent she was awesome. and there rates are pretty good for lending and you can get VA home loans done completely onsite which is a plus. But like other Credit Unions you need to know a member or know someone in your family etc who has served in any branch of the military.
Investor · Elverson, PA · Member since 2014 · 80 posts · 53 votes
10y
I just sat down with The Victory Bank in Limerick about doing rehab lending. They are doing a $500k line of credit with sub-notes. Each sub-note is at 1 pt and prime plus 1%, with a floor of 4.75%. Way cheaper than my hard money options!
Norristown, PA · Member since 2015 · 40 posts · 7 votes
8y
@Account Closed This is a really old post but i'm hoping you'll see the notification. I am a NFCU member and recently went to them for a closing cost estimate on a 275k 4plex. They quoted me at 22k (just for closing, not including dp which i planned to save some capital by taking advantage of an FHA). Did you pay a large amount for closing?