I am looking for a equity loan against one of my 4 unit buildings in NY state. In the past, I have always gone to BofA because of their generous appraisals and their no fee mortgage. The problem is I already have 2 equity loans from BofA and they recently dropped their guidelines from allowing up to 4 loans per borrower to only 2.
Which other lenders do we know of that will not have a problem with this scenario?
Real Estate Investor · Rancho Mirage, CA · Member since 2008 · 109 posts · 56 votes
17y
All conventional lenders will have this rule. You must seek out and start building relationships with portfolio lenders who do not abide by Fannie/Freddie rules. Small banks and local credit unions are a good start.
Wentzville/St. Louis, MO · Member since 2008 · 359 posts · 1 vote
17y
Jason,
Portfolio lenders and small local banks where the property is located are the way to go. Since these loans dont have conventional guideline restrictions you'd be fine.
Actually knowing how to interact with these lenders is the key. Since this is relationship based it would be best for you to know some key points.
I'd be happy to go over this with you and may even have a lender or 2 for you.