Jacksonville Florida bank loans`

8 Replies

Hello all, 

I'm in the Jacksonville, Florida area and looking for local banks that provide loans for buy & hold investment properties. Who can recommend banks/credit unions they have had positive experiences with?

Thanks in advance!

Originally posted by @Jennifer Ceren tapp :

Hello all, 

I'm in the Jacksonville, Florida area and looking for local banks that provide loans for buy & hold investment properties. Who can recommend banks/credit unions they have had positive experiences with?

Thanks in advance!

 You may send a private message to discuss.

Hi Jennifer!

I'm a mortgage banker in Jacksonville with The Bank of England (www.boejax.com). We can do conventional loans for investment properties if that was the type of financing you were seeking.

Feel free to message me if you'd like to discuss further. Or, I'm happy to answer questions on this tread as well!

Talk to you soon,

Alex

Jennifer -

Try Community First Credit Union. We just closed on a 50% LTV cash out loan on 2 of our properties owned by our LLC so we could fund a new cash purchase. We've found it difficult to find lenders willing to work with LLC's, but C1 was great. We even switched all of our banking as a result. Good luck!!

Originally posted by @Joe Glick :

Jennifer -

Try Community First Credit Union. We just closed on a 50% LTV cash out loan on 2 of our properties owned by our LLC so we could fund a new cash purchase. We've found it difficult to find lenders willing to work with LLC's, but C1 was great. We even switched all of our banking as a result. Good luck!!

Congrats!! Did they require two years of seasoning on your properties? 

Good question. Both of our properties in the LLC were seasoned; however, I'm not sure if that was a requirement versus proof of a signed lease.

Originally posted by @Joe Glick :

Good question. Both of our properties in the LLC were seasoned; however, I'm not sure if that was a requirement versus proof of a signed lease.

 I ask because that's what they told me. I went to them with two properties after about 6 months of rent, but they said they need two years to lend based on the rental income. And I've had an account with them since I was a young kid, at least two decades!!!

Lol, seriously I do love banking with them though. Just can't get an investment loan...

@Joe Glick

Was Community First Credit Union willing to do closer to 75-80% LTV?

50% seems kinda low.

Also, would you mind giving more details about the process? I'd love to know what information they wanted from you in order to "approve" your loan, and how long the process took.