Any pointers for approaching portfolio lenders?

2 Replies

I have put together a list of 15 smaller banks in my area (Kern County, CA) that I think could be portfolio lenders. My plan is to work my way through the list and try to find a bank that is a good fit for me. 

If anyone has been down this path, I would love some insight and advice on how to proceed.  

Should I call and set up a meeting or walk in?

Who should I ask for specifically?  The commercial banker?

Is there a better way to reach out to a new banker?  I recall one interview where they suggested trying to find the banker on Linkin and network in that way. Any advice on this?

My plan is to present a business plan, a summary of all my current rentals, and financial statements.  I plan on keeping it short and sweet.

Any other advice on the subject would be welcome.

Background:  Why am I looking for a portfolio loan? There are a few reasons...I am self-employed. The properties I own have smaller values (under $100k). I am hoping a blanket loan or cross-collateralized to make future purchases.  Another benefit would be to refinance out one of my primary private lenders which can reinvest with future projects. I have listened to many interviews on the BP podcast where the investor eventually starting working with local banks that are portfolio lenders to continue to grow.

@Gene Hacker

I don't have a ton of experience with this but I'm trying to build a relationship with a portfolio lender too. I'm working on finding a loan for a duplex and I called the local state bank. I went on their website and found one of the loan officers and called her up. Explained what I was looking for and she explained what they could offer. I had to open a bank account to get a portfolio loan but they seemed to just give them out like any other loan. 

Thank you John, good to here that it was pretty straight forward for you. 

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