Should I use a portfolio lender?

[Omar Diaz]

Hello BP community, I discovered portfolio lenders recently and have been reading on what they are and what advantages they offer. My question is, can I/should I go through a portfolio lender for purchasing my first home in which I will reside for 1-2 years, fix it up, and at the end of that time period I plan on renting out that home. The plan (for now) is to continue acquiring rental properties in this way so I'd like to be as proactive as possible. Thank you all for any help.

[Tom S.]

@Omar Diaz  Yes, for sure you should use them, especially if they're local to your area.  I used to use big banks but then switched over, mainly because they would allow me to get purchase + rehab funds all in one closing.

They're definitely more flexible (in my opinion), although the application process was about the same as a larger bank: W2's paystubs, tax returns, bank statements.  The approval process was much quicker though - generally 2-4 weeks in most cases.

Good luck!

 - Tom