Kansas City Banks

17 Replies

Any small community investor-friendly banks in Kansas City?

I am interested in buying a few properties in Kansas City, MO that need repairs using bank loans. I need a bank that offers great rates, doesn't take 2 months like big banks,  and with little hassles. Let me know. Thanks.

Here are some banks that we've had success with that would be worth contacting:

- Bank 21

- Cornerstone Bank

- Fidelity Bank

- Alterra Bank

- Great American Bank

- TriCentury Bank

- Missouri Bank

Good luck!

Originally posted by @Michael L. :

What kind of terms are the banks mentioned above offering? @Andrew Syrios

Generally 4.5-5.5% (mostly 5-5.25%), 75% LTV, cash out if applicable, 20 year amortization, 3-5 year fixed term, about one point plus the various fees and appraisal costs. I should also add one more I forgot about; Argentine Federal.

Interesting.. people too often forget how cash flow gets swallowed on a 20 yr am, you'd be better off at 7% and 30-yr am. But good to see their is competition in the market from local banks. 

Originally posted by @Miguel G. :

Thanks a lot @Andrew Syrios. Those recommendations really helped.

 My pleasure Miguel, good luck!

Originally posted by @Troy Smith :

So on the shorter term loans like that, what do you do at the end of the term if your strategy is long-term buy and hold?

Generally speaking, most banks will renew the loan with you. There may be a few fees and the interest rate may go up (although it does sometimes go down too). If they won't renew or they adjust it in a way that's unacceptable to you, then you can always refinance it with another lender.

Yeah, and also there's that low probability yet catastrophic risk that mortgage rates could drastically increase, forcing you into foreclosure across all your properties (ie, in 1979 mortgage rates were 9% & by 1982 they were 18%). Anyone know KC banks that offer long-term (20Y? 30Y?) fixed-rate mortgages to LLCs? With mortgage rates near historical lows, seems to me like locking in a long-term fixed rate is the wise thing to do.

Originally posted by @Andrew Syrios :
Originally posted by @Michael L.:

What kind of terms are the banks mentioned above offering? @Andrew Syrios

Generally 4.5-5.5% (mostly 5-5.25%), 75% LTV, cash out if applicable, 20 year amortization, 3-5 year fixed term, about one point plus the various fees and appraisal costs. I should also add one more I forgot about; Argentine Federal.

 I called Argentine Federal Bank and supplied all the documents requested. They made a query on my credit report and said that I did qualify for the loan requested. But 2 weeks have passed and no word from the Proof of Fund Letter. Is this typical? I was expecting a letter in a couple of days after supplying all docs.

Anyone aware of KC banks that will issue 10 conforming (ie, "Fannie Mae") mortgages to the same investor? I've heard most banks still only offer 4, even though the law now permits up to 10

@Eric P. did you ever get an answer to this question? I'm in the same boat, I'm worried about the uncertainty of only 3-5 year fixed rates. Is there any lender offering traditional 30 year, fixed rates?