Portfolio Lenders

[Corey Smith]

Portfolio Lenders seem to be a good way of breaking the four-loan limit that many people talk about, but my question is about the ability to use a bank that offers them as a new (ie. First Time) investor. 

Who out there in the BP community has be able to secure a portfolio loan without having some amount of success as an investor beforehand? I own my own home, have an accidental rental that has been tenant-occupied for over 7 years now, have great credit, good W2 income, and moderate debt (student loans and cars, mainly).

And for my local BP'ers (Seattle, Tacoma, Bellevue, Washington) ... what are the local banks that I should be contacting in the area?

[Corby Goade]

@Corey Smith, thanks for the clarification. Funny, but what you describe is almost exactly what I have done with my RE- BRRRR using a HELOC as a down payment, fix it up, rent it and refinancing to pay the HELOC off. I have mortgages (six of them currently), all traditional and have never used a portfolio lender. I have W2 income, but it's not much- I'd venture to guess that your's is likely more. I don't think you'll need a portfolio lender until you hit 10 mortgages. DTI guidlines will likely be exactly the same for a portfolio lender vs. conventional anyhow. Make sure you buy properties that will cashflow nicely and you should be good to go.

Something you might want to check in to is "Delayed Financing." I am working on a refi using this program right now. It's a conventional refi for investors buying a property with all cash and you can do it immediately after closing or fixing the place up, up to six months after closing. 

Best of luck out there!