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Updated almost 9 years ago on . Most recent reply

Portfolio Lender that lends in both Colorado & Oklahoma?
I've seen a number of discussions about portfolio lenders, but wasn't sure if they tended to be national, regional, state, local, etc???? Are any of these companies national? Or at least regional? Or do they tend to be more typically local?
The only reason I ask is, I live in CO, but own a property in OK and actually plan on increasing my presence there rather then here... at least for now. I'm just now starting the process of setting up my Solo 401(k) and thought it might be nice to open the account with a bank that might be interested in lending in both locations if possible.
Thanks in advance...
Most Popular Reply

@Bob Foglia based on what you have said, I don't see why you would need one that would lend in CO. My suggestion is to focus on OK and if you decide to buy in CO then it would have to stand on it's own. The scale of lenders to cover both states would likely mean you would be paying for lots of overhead. The best portfolio lenders in my observation are small community banks. As you noted, they lack the foot print to cross state lines and most won't even lend outside of the community they are located in.